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Oil rises on Fed's expected rate cut
DATE:2008-1-11  FROM:  AUTHOR:  DOWN:2602
 
SINGAPORE - Oil prices rose Friday as a promise by the U.S. Federal Reserve Chairman Ben Bernanke to act aggressively to counter economic woes boosted expectations the Fed may cut interest rates.


An attack on six oil industry ships by Nigerian rebels also supported prices.


Federal Reserve Chairman Ben Bernanke's comments that the central bank is ready to cut interest rates to help stave off a recession raised chances the Fed will cut rates by a half percentage point when it meets at the end of January.


"The speech by Bernanke yesterday has been a soothing tonic and the market is now reacting to the fact that the broadly expected U.S. slowdown may not turn out to be as serious," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "The threats to oil demand growth slowdown may be limited."

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