Oil prices up in Asia on Fed stimulus, Middle East unrest
New York's main contract, light sweet crude for delivery in October gained two cents to USD 99.02 a barrel and Brent North Sea crude for November added nine cents to USD 116.75.
IG markets said in a report that crude prices were still basking in the glow of the Fed's announcement on Thursday that it would start a third round of bond buying to stimulate the economy, known as quantitative easing (QE3).
"The big question is how long this Fed-inspired rally will continue as QE3 was the last bazooka to be used in the central bank's arsenal," the report stated.
"For the time being, it has given a powerful shot in the arm for global markets."
The Brent contract had hit four-month highs on Friday after the Fed announcement.
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