Brent crude prices have risen above US$112 a barrel on an announcement by Japan's central bank to boost asset purchases to stimulate its’ economy. The Bank of Japan expanded its asset buying and loan program, currently its primary monetary easing tool, by 10 trillion yen (US$127 billion) to 80 trillion yen, with the rise meant for purchases of government bonds and treasury discount bills. Japan is the world's third biggest oil consumer. The market has been fuelled by concerns over demand amid signals that top oil exporter Saudi Arabia is pumping more oil to bring down prices. Saudi Arabia is believed to be pumping around 10 million bpd and plans to take action to keep prices around US$100.
Brent November crude rose to US$112.5 a barrel, while US October crude inched up to US$95.9.
20-Sep-12 
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