NEW YORK, March 5 (Xinhua) -- Crude prices rebounded Tuesday from a multi-week low as the Dow Jones Industrial Average index hit its all-time high.
Global stock markets surged on U.S. Stimulus Measures and China 's growth target of 7.5 percent this year as confirmed by Premier Wen Jiabao.
Federal Reserve Vice Chairman Janet Yellen stressed Monday that the U.S. central bank should extend monthly bond buying to support the economic recovery and job market.
Other major central banks like the Bank of Japan, the European Central Bank are all expected to keep current loose monetary policies.
The liquidity poured by the main central banks boosted the risk appetite. Traders became more confident and went back to the oil market, helping oil prices break the losing streak.
On the economic front, the Institute for Supply Management's index of U.S. non-manufacturing businesses increase to 56 in February from the 55.2 in January. The ISM services survey covers a wide range of industries from utilities and retailing to housing, health care and finance.
Light, sweet crude for April delivery gained 70 cents, or 0.77 percent, to settle at 90.82 dollars a barrel on the New York Mercantile Exchange.
Brent crude for April delivery increased 1.52 dollars, or 1.4 percent, to close at 111.61 dollars a barrel.