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Oil Is Rallying

Rob WileMar 21, 2013, 00:37 IST

REUTERS/Jorge SilvaA pump jack is seen during sunset at Lagunillas field in the eastern coast of Lake Maracaibo, Venezuela.Brent oil prices are up 1.2 percent this afternoon as Fed Chairman Ben Bernanke announced the agency's bond buying program would continue almost entirely in tact.

WTI prices were also up 1.1 percent.

Markets are also responding to Venezuela's announcement that it was suspending all contact with the U.S. Venezuela's foreign minister said he didn't know what kind of relations Washington wants in 2013.