Oil rises on anticipation Fed may signal stimulus

 

By Robert Gibbons and Joshua Schneyer

NEW YORK | Tue Aug 23, 2011 4:08pm EDT

(Reuters) - Oil rose on Tuesday along with equities on hopes that the Federal Reserve might indicate fresh stimulus measures later this week, with oil also drawing support from fighting in Libya and disrupted Nigerian exports.
Major stocks indexes rose more than 2 percent as investors jumped into the market before a highly anticipated address by Federal Reserve Chairman Ben Bernanke later this week in Jackson Hole, Wyoming, where policymakers and academics meet once a year.
Some investors expect Bernanke to signal more Fed quantitative easing measures ahead to stimulate a sluggish U.S. economy.