Crude prices rose on Thursday after the US Federal Reserve launched another stimulus program in which it will buy $40 billion of mortgage debt per month until the outlook for jobs improves. The crude prices were also supported by fresh turmoil in the Middle East following the death of the US Ambassador to Libya in a violent attack and news of anti-US protests in Egypt and Yemen.
Brent futures extended its gaining streak for the sixth session; however there was pressure on prices due to end of the summer driving season and on rising supplies in the US Northeast, delivery point for the New York Mercantile Exchange's RBOB contract.
Benchmark crude for October delivery settled up by $1.30 or 1.3% at $98.31 a barrel on the New York Mercantile Exchange. In London, Brent crude for October, which expired on Thursday, rose 94 cents to settle at $116.90 a barrel, while the November contract gained 55 cents to settle at $115.88 a barrel on the ICE.