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| Oil prices rise after China cut rate |
| 2008-11-27 |
| World oil prices have claimed after China's Central Bank announced 1.08 percentage points decrease in its benchmark one-year rates. The market was also supported by the prospect of a possible cut in OPEC's output when the oil exporting organization meets this weekend in Cairo. Light sweet crude for January climbed 3.67 dollars to close at 54.44 dollars a barrel on the New York Mercantile Exchange. In London, Brent North Sea crude for delivery in January added 3.57 dollars to settle at 51.55 dollars a barrel. The price of crude oil has collapsed by about two-thirds since hitting record high points above 147 dollars per barrel in July. Last week, oil slumped under 50 dollars to levels not seen since early 2005. Meanwhile in Wall Street, US shares surged Wednesday as investors extended a bargain-hunting rally. The Dow Jones industrials rose 2.88 percent or 244 points at the close. |
| Posted by:Fred |