OCT 2 THURSDAY
Crude Oil Rises as U.S. Senate Passes Financial Rescue Package
Crude oil rose in New York as the U.S. Senate passed a $700
billion financial-rescue package aimed at limiting a slowdown
of economic growth in the world's biggest energy-consuming
nation.
The Senate approved legislation that links the rescue plan to
an increase in bank-deposit-insurance limits and $17 billion in
tax breaks for solar power, wind energy and heavy oil refineries.
The House of Representatives may take action Oct. 3.
Crude oil for November delivery rose as much as $1.84, or
1.9 percent, to $100.37 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$99.30 at 11:19 a.m. Singapore time
Prices are down 32 percent from the record $147.27 a barrel
reached on July 11. Yesterday, the contract dropped $2.11, or
2.1 percent, to settle at $98.53 a barrel after a U.S. report
showed a bigger-than-forecast supply increase and that
fuel consumption dropped to the lowest since 2001.
Inventories rose 4.28 million barrels to 294.5 million last
week, the Energy Department said. Stockpiles were
forecast to climb 2.75 million barrels, according to a
Bloomberg News survey. Imports and refinery operations
increased after storms curtailed supplies last month.
Brent crude oil for November settlement rose $1.70 cents,
or 1.8 percent, to $97.03 a barrel on London's ICE Futures
Europe exchange. It was at $96.02 a barrel at 11:22 a.m.
Singapore time. It declined $2.84, or 2.9 percent, to settle
at $95.33 a barrel yesterday.
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