Oil prices rally on word of end to quantitative easing

Crude oil prices rallied Wednesday along with major global stock indices on word the U.S. Federal Reserve sees its stimulus polices having an impact.

West Texas Intermediate crude oil prices for December delivery were up more than $1 per barrel in early Wednesday trading to settle about the $82 mark. WTI had dipped below $80 early this week after Goldman Sachs downgraded its expectations about prices in the future.

The increase in WTI followed reports from the Energy Information Administration that total domestic crude oil production for the first nine months of the year averaged 8.4 million barrels per day, a 32 percent increase from the same period in 2012.

Total imports dropped, with 22 percent less crude oil coming from the Organization of Petroleum Exporting Countries than during the same nine-month period in 2012.

Brent crude oil prices, the international benchmark, were up more than $1 early Wednesday to trade above the $87 mark.

Global stock indices mirrored price movements for crude oil. The Shanghai Composite Index rose 1.51 percent in trading Wednesday, while the FTSE 100 Index finished up 0.87 percent.

The U.S. Federal Reserve is expected to announce the conclusion of the stimulus program known as quantitative easing, ending six years of steering the U.S. economy out of recession.