Oil rose to four-month high on concern that protests in the Middle East and North Africa could increase demand and on speculation the Federal Reserve will resort to additional measures to stimulate the economy.

Futures rose 1.6% after the protesters tried to storm the U.S. Embassy in Sana'a, Yemen. In this regard, Yemeni police cordoned off the area near the embassy to prevent access there. We also recall that on September 11, was killed the American ambassador to Libya, Chris Stevens, along with his three colleagues. Also on that day were reported clashes near the embassy in Cairo.

We also learned about the demonstrations in Egypt and Iran against the film, which is regarded as offensive to Islam. At least 16 people were injured and 24 arrested.

As market participants expect the decisions of the Federal Open Market Committee, which may announce a third round of bond purchases, known as quantitative easing today and extend its zero interest rate policy until 2015.

October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 97.97 per barrel.

October futures price of North Sea Brent crude oil mix is ​​now $ 116.54 a barrel on the ICE Futures Europe Exchange.

Gold may gain after a report showed the number of Americans filing applications for unemployment benefits rose more than projected, boosting prospects that the Federal Reserve will take steps to spur growth.

Jobless claims increased 15,000 to 382,000 in the week ended Sept. 8, the biggest gain in almost two months, Labor Department figures showed. The median forecast of economists called for an increase to 370,000. Gold jumped 3.1 percent last week amid speculation that the Fed and the European Central Bank will announce measures to stimulate growth, increasing demand for the precious metal as a store of value.

Today’s unemployment numbers have sprung no surprises, so the hopes of a new round of easing remain alive.

Yesterday, the metal reached $1,749.50, the highest for a most- active contract since Feb. 29, amid expectations that the Federal Open Market Committee will announce stimulus measures today after the conclusion of its two-day meeting.

October futures price of gold on the COMEX is now 1733.2 dollars per ounce.

Change % Change Last

Oil $96.83 -0.18 -0.19%