Last Updated : 22 January 2013 at 10:20 IST
Japan stimulus lifts global Crude Oil markets to 4 month highs
The easing measure announced by the Japanese central bank would see at least 2 trillion yen in Japanese bond purchases and 10 trillion yen in buying of Treasury Bills.The easing measure is open ended in that the stimulus would continue until 1% inflation appears on the economic horizon of Japan.
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LONDON (Commodity Online): With the Bank of Japan adopting 13 trillion yen ($145 billion) in stimulus measures starting January, crude oil prices rallied to four month highs on the NYMEX.
The easing measure announced by the Japanese central bank would see at least 2 trillion yen in Japanese bond purchases and 10 trillion yen in buying of Treasury Bills.
The easing measure is open ended in that the stimulus would continue until 1% inflation appears on the economic horizon of Japan.
Meanwhile, in a signal to the markets on crisis easing in Europe, Greece would receive 9.2 billion euros ($12.3 billion) this month.
The measures adopted by 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 to Bloomberg.
“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.” he added.
WTI crude oil for delivery on March 13 on the NYMEX was spotted trading at $96.01 a barrel, a loss of $0.03 or 0.03% as of 10.11 AM IST. Brent crude oil for delivery on the same date was seen trading at $111.97 a barrel on ICE Futures Europe, registering a loss of $.20 or 0.17%.
Japan is the third biggest consumer of crude oil in the planet. It is preceded by China and US to the higher rung. Europe as a whole accounts for a significant pie of crude oil consumption.
India crude oil on the MCX was seen trading flat at Rs.5157 a barrel as of 10.08 AM IST in February contract.
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