30 September 2008 11:47 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude futures climbed more than $2/bbl on Tuesday in volatile trading, as buyers re-entered the market after a price slump of nearly 10% the previous day following the failure of the US government’s bailout plan to gain congressional approval.
At 10:25 GMT November ICE Brent futures were trading at $95.52/bbl, up $1.54/bbl on Monday’s settlement price, having earlier hitting a high of $96.85/bbl up $2.87/bbl.
At the same time, November NYMEX light sweet crude futures were trading at $97.71/bbl, up $1.34/bbl on Monday’s settlement level, having earlier hit a high of $98.98/bbl up $2.61/bbl.
Crude prices fell by as much as $3/bbl earlier in the session on Tuesday amid sharp falls in Asian stock markets.
Asian markets had tumbled in response to the unexpected rejection by Congress of the US government’s $700bn rescue plan for the troubled financial sector. The failure of the plan served to reinforce concerns that the US economy was heading for recession.To discuss issues facing the chemical industry go to ICIS connect
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