01 October 2008 08:55 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude futures climbed more than $1/bbl on Wednesday, on hopes that the US Senate will vote in favour of the $700bn (€497bn) rescue package for the financial sector which could prevent the world’s biggest economy sliding into a deep recession.
At 7:00 GMT on Wednesday, November NYMEX light sweet crude futures were trading at $101.24/bbl, up 60 cents/bbl on Tuesday’s settlement level, having earlier hit a high of $102.24/bbl up $1.60/bbl.
At the same time, November ICE Brent futures were trading at $98.64/bbl, up 47 cents/bbl on Tuesday’s settlement price, having earlier hitting a high of $99.54/bbl up $1.37/bbl.
The senate is set to vote on a revised version of the $700bn bailout for the financial sector later on Wednesday.
Oil prices have continued to firm after plummeting close to 10% on Monday amid heightened fears in the financial markets after the ?xml:namespace>
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