Oil up 2 pct, Brent paces on tight North Sea outlook

Crude oil futures surged on Wednesday, ending more than 2 percent higher after a volatile session despite a mixed message from the U.S. Federal Reserve that it may opt for more easing policies, but only if the economy weakens further.

Brent crude paced the market, supported by news that the combined daily loading volume of the four benchmark North Sea crude oil streams was expected to fall to a record low in August based on Reuters calculations, traders said.

Minutes of the Fed's June meeting, released 30 minutes before the close of trading, showed more Fed asset buying was not imminent and only likely if economic conditions worsened.


"Today's FOMC meeting (minutes) weighed heaviliy on equities and the euro but was largely shrugged off by the energy complex," said Jim Ritterbusch, president of the Ritterbusch & Associates consultancy in Galena, Illinois.

Read Full Article from Reuters

- Posted: 2012-07-11 21:41:43

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