The Federal Reserve Chairman Ben S. Bernanke indicatedthat they will preservethe record monetary incentives. Federal Reserve did not make any changes to key rates (0.25 per cent) and indicated that stimulus will be preserved until the American economy is prepared for monetary tightening. It added that its current $600 billion program would be allowed to continuetill June.
A simplistic monetary policy makes the US currency weak which in turn helps in supporting oil prices. The value of crude for June delivery was reported at $113.70 per barrel, up by 94 cent on the New York mercantile exchange. While on the ICE futures exchange in London, Brent crude for May contract was upto $125.55 a barrel. (12:06 P.M IST)