Fed move sparks oil price jump

NEW YORK, Nov. 4 (UPI) -- Crude oil prices topped $86 per barrel Thursday as investors in Asia and Europe reacted to the U.S. Federal Reserve's $600 billion Treasury purchasing program.

The Fed said it would spend $75 billion a month through June, a larger sum than many had anticipated. The move is likely to have the effect of weakening the U.S. dollar, which would help U.S. exporters and drive up prices of imports, like oil, which is priced in U.S. currency.

On Thursday, the dollar index, a pro-rated measure of the dollar against six major currencies, fell 0.79 percent. Equities on Wall Street made strong gains, following gains in Asia and Europe.

On the New York Mercantile Exchange, December delivery crude oil added $1.74 to $86.68 per barrel. Heating oil prices added 4.41 cents to $2.3767 per gallon. Reformulated blendstock gasoline gained 4.06 cents to $2.179 per gallon. Henry Hub natural gas prices added 1.4 cents to $3.865 per million British thermal units.

At the pump, the national average price of unleaded gasoline was $2.806 per gallon Thursday, up from Wednesday's $2.799, AAA said.