Push for more economic stimulus boosts oil prices for fourth day
Posted Jul 27, 2012 01:11:31 PM.
This article is more than 5 years old.
NEW YORK, N.Y. – The price of oil climbed for a fourth day on expectations of more efforts to fix the global economy.
China is planning to pump billions of dollars into housing projects and other infrastructure to support its construction industry.
The European Central Bank also hinted that more support could be in the works for Europe’s debt-ridden nations, vowing to do “whatever it takes” to preserve the euro.
And the Federal Reserve could still roll out new measures to spark a U.S. economy that grew at an annual rate of just 1.5 per cent from April through June.
Benchmark U.S. crude added 58 cents to US$89.97 per barrel in New York.
