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Oil extends gains on bailout revival hopes

Posted on 01 October 2008

From Reuters: Oil extended its rally and rose over $1 on Wednesday to hover around $102 a barrel, buoyed by hopes that Washington would find a way to pass a rescue plan to head off a deep recession in the United States and abroad.

The U.S. Senate agreed to vote on the bailout package on Wednesday night that will include an increase in the amount of bank deposits insured, a Senate aide said on Tuesday. U.S. light crude for November delivery rose 81 cents to $101.45 a barrel by 1:18 a.m. GMT (9:18 p.m. EDT), after rising as much as $1.60 at the start of electronic trading. The contract settled $4.27 higher at $100.64 on Tuesday in a relief rally….. Full Article: Source


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