Oil Is Rallying

Venezuela OilA pump jack is seen during sunset at Lagunillas field in the eastern coast of Lake Maracaibo, Venezuela.

Brent oil prices are up 1.2 per cent this afternoon as Fed Chairman Ben Bernanke announced the agency’s bond buying program would continue almost entirely in tact.

WTI prices were also up 1.1 per cent.

Markets are also responding to Venezuela’s announcement that it was suspending all contact with the U.S. Venezuela’s foreign minister said he didn’t know what kind of relations Washington wants in 2013.

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