Oil futures rallied more than 6% to trade above $51 a barrel Thursday, as global equity markets posted strong gains following yesterday's announcement from the Federal Reserve. Crude oil for April delivery rose $2.86, or 6%, to $51 a barrel in electronic trading on Globex. Earlier, the contract hit an intraday high of $51.65 a barrel. The Fed said Wednesday that it will buy up to $300 billion in longer-term Treasury securities over the next six months.

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