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Reply #2: Oil rises to near $101 amid global stocks rally [View All]

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-01-11 06:53 AM
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2. Oil rises to near $101 amid global stocks rally
SINGAPORE Oil prices edged higher to near $101 a barrel Thursday in Asia amid a surge in global stock markets after major central banks pledged to lower borrowing costs.

Benchmark crude for January delivery was up 32 cents to $100.68 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 57 cents to settle to $100.36 on Wednesday.

In London, Brent crude was up 40 cents at $110.92 on the ICE futures exchange.

On Wednesday, the central banks of Europe, the U.S., Britain, Canada, Japan and Switzerland reduced the rates that banks must pay to borrow dollars. Separately, China's central bank also acted to release money for lending and help shore up slowing growth by lowering bank reserve levels for the first time in three years.

http://old.news.yahoo.com/s/ap/oil_prices
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