OIL FOR APRIL
OGJ. Crude oil futures prices for the April contract climbed above $100/bbl on the New York market on Mar. 19, which analysts attributed to positive indicators from US policymakers regarding the economic recovery.
The US Federal Reserve announced plans to taper its monthly bond purchases to $55 billion in April from $65 billion in February and March.
The Fed's stimulus measures have weakened the dollar, making oil less expensive for buyers using foreign currencies. The tapering of the bond-buying program indicates the Fed expects improved economic growth, which could lead to higher US demand for oil.
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