Bloomberg News

Oil Rises After Bernanke Says Fed Ready to Help Boost Economy

October 04, 2011

Oct. 4 (Bloomberg) -- Oil rose from a one-year low in New York after Federal Reserve Chairman Ben S. Bernanke said the central bank stands ready to take additional steps to boost U.S. growth in testimony to Congress’s Joint Economic Committee today in Washington.

Crude for November delivery gained 12 cents to $77.73 a barrel at 11:10 a.m. on the New York Mercantile Exchange. Earlier, it touched $74.95 a barrel, the lowest price since Sept. 24, 2010, in intraday trading. Futures are down 15 percent this year.

To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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