US Fed Reserve plans to not shut down US$85 bln per month bond purchase program: Oil rebounds in Asia

Oil on the Nymex inched up to US$97.1, while Brent North Sea crude for August gained to US$103, gaining strength from the fact that US Federal Reserve will not shut down its US$85 billion-a-month bond purchase program. An optimistic outlook on the US economy has helped keep the market bullish in the long-term. Economic performance reports from USA showed consumer spending rebounded in May from April's fall, incomes were higher, inflation pressures remain low, new jobless claims were slightly improved, and pending home sales were strong.
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