The
price of oil jumped 1.7 percent Friday after Federal Reserve Chairman
Ben Bernanke made clear in a speech that the central bank will do more
to revive the U.S. economy.
U.S
benchmark crude rose $1.59 to $96.21 per barrel in morning trading
Friday. Brent Crude, which is used to price oil used by many U.S.
refiners, rose $1.49 to $114.14.
In
a speech at an annual Fed conference in Jackson Hole, Wyo., Bernanke
said the economic recovery is "far from satisfactory" but he did not
give any timetable for action that might reduce borrowing costs and help
stimulate growth.
If
the Fed reduces the cost of borrowing, it could boost demand for the
energy needed to fuel growth and make oil and other commodities more
attractive investments.
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