Crude oil rose to $87 this morning following the US Federal Reserve’s decision to buy Treasury bonds.

US crude for December delivery increased by 9¢ to stand at $86.94 by 06.31 GMT while London ICE Brent remained at $88.11, reports Reuters.

Last week the Federal Reserve said it would buy $75bn in Treasury bonds each month through to mid-2011 to total $600bn.

US job data showed an increase in hiring by private firms since April, giving indications of a recovering economy in the US.