Oil Trades Near Four-Month High as Japan Pledges More Stimulus

22/01/2013 08:07 AST

Oil traded near a four-month high in New York as Japan’s central bank said it will expand asset purchases to lift the world’s third-biggest crude consumer out of its third recession in five years. Brent prices advanced.

Futures were little changed after settling Jan. 18 at the highest price since September. There was no floor trading yesterday because of the Martin Luther King Jr. Day holiday in the U.S. The Bank of Japan (8301) will introduce open-ended asset purchases from January 2014 designed to kick start the economy. Euro-area finance ministers yesterday approved the payout of 9.2 billion euros ($12.3 billion) to Greece this month.

Quantitative-easing programs by the BOJ are “a short- to medium-term plus for world growth and commodities, including oil,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney. “The broad view with Europe is that the immediate risks that were before us in the middle of last year have been removed now that Greece has been given liquidity support.”

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