10 November 2008 08:51 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude prices rose more than $3/bbl on Monday, boosted by cuts in Saudi Arabia’s term supplies to Asia, and news that China had launched a stimulus package worth about $600bn (€468bn) to alleviate the effects of the global economic slowdown.
At 16:11 hours Singapore time (0811) GMT on Monday, December NYMEX light sweet crude futures were trading at $63.56/bbl, up $2.52/bbl on last Friday’s settlement level, after rising as much as $3.26/bbl at $64.30/bbl earlier.
At the same time, December Brent on ?xml:namespace>
Rises in crude mirrored sharp gains in Asian stock markets, with the Nikkei in
The announcement came amid the G20 economic summit in
Prices were also buoyed by news that
($1 = €0.78)
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