Oil rises a hope for auto bailout

Singapore, Dec 22: There is a hope for optimism as the oil prices has risen to near $43 a barrel on Monday, Dec 22. Due to rise in price investors looked for signs that United States interest rate cuts and a govt bailout of two key automakers could help cushion in the what may be the worst recession in decades.

Light, sweet crude for Feb delivery was up 62 cents to $42.98 a barrel in electronic trading on the New York Mercantile Exchange by midday Monday in Singapore. The contract fell Friday by 69 cents to settle at $42.36.

The Jan contract, which expired Friday, fell $2.35 overnight to settle at US$33.87, the lowest level since early 2004. In other Nymex trading, gasoline futures rose 1.51 cents to 99 cents a gallon. In London, Feb Brent crude rose 30 cents to $44.30 a barrel on the ICE Futures exchange.

OneIndia News (With inputs from Agencies)