September 13, 2012 / 1:31 PM / 5 years ago

U.S. crude futures extend gains, move above $98/bbl

NEW YORK, Sept 13 (Reuters) - U.S. crude futures rallied more than $1.50 on Thursday, pushing above $98 a barrel as hopes that the U.S. Federal Reserve will initiate more economic stimulus combined with Middle East turmoil to push oil prices higher.

U.S. crude was up $1.39 at $98.40 a barrel at 9:23 a.m. EDT (1323 GMT), having traded from $96.75 to $98.58. (Reporting by Robert Gibbons; Editing by Dale Hudson) (robert.gibbons@thomsonreuters.com; +1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net)

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