Crude Oil Recoups Losses in Afternoon Session

After falling close to $1 a barrel during Asian trading last night, the price of crude oil was able to rebound during the second part of the day following a speech from Fed Chairman Bernanke. Investors remained convinced that the Fed will soon have to initiate a new round of quantitative easing to boost the US economy, despite a better than expected US jobs report last week. Crude gained some $.80 following the speech before stabilizing at $91.60. Today, crude oil traders will want to pay attention to another speech from Bernanke, scheduled for 18:30 GMT. Any indications that a new stimulus plan is close to being implemented could result in risk taking in the marketplace, which may lead to further gains for oil.

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