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Oil Column: WTI crude clings to US$100 following Yellen comments

Last updated: 10:08 11 Feb 2014 EST, First published: 11:08 11 Feb 2014 EST

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Oil benchmarks moved in different directions on Tuesday, with Brent rising and WTI losing 40 cents per barrel.

That said, changing hands around the US$100 per barrel the American contract remains near the top of its recent range.

It was the strengthening of the US dollar, a response to Janet Yellen’s comments today, that was behind the move.

The new Federal Reserve chair said the US Central Bank would continue on Ben Bernanke's path of low-interest rates and general approach to policy. On tapering, she said if the US economy continues to improve then the tapering of the stimulus measures will proceed.

In London trading, Brent Crude was up 35 cents trading at just over US$109 per barrel.

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