Oil prices higher after US Senate vote
World oil prices gained in Asian trade today with market sentiment lifted after the US Senate approved a revised government proposal to bail out the US financial sector, analysts said.
By Agencies |
SINGAPORE: World oil prices gained in Asian trade today with market sentiment lifted after the US Senate approved a revised government proposal to bail out the US financial sector, analysts said.
In afternoon trade New York's main contract, light sweet crude for November delivery, was 60 cents higher at USD 99.13 a barrel from USD 98.53 at the close of floor trading yesterday on the New York Mercantile Exchange.
Brent North Sea crude for November delivery gained 51 cents a barrel to USD 95.84 from USD 95.33 yesterday in London.
"The rescue plan is essentially going to be a confidence booster and hopefully it will also have some real impact on improving the state of the US economy," said Victor Shum of Purvin and Gertz energy consultancy.
"All of these things should help the economic outlook and hence oil demand and so the price of oil has therefore edged up this morning," he said in Singapore.
After the Senate's approval, the bill to purchase up to USD 700 billion worth of tainted mortgage-related assets at the root of a global financial crisis faces another vote in the House of Representatives.
Oil prices have already dropped sharply from record high levels above USD 147 in July on worries that demand is shrinking in a US-led global slowdown.
In afternoon trade New York's main contract, light sweet crude for November delivery, was 60 cents higher at USD 99.13 a barrel from USD 98.53 at the close of floor trading yesterday on the New York Mercantile Exchange.
Brent North Sea crude for November delivery gained 51 cents a barrel to USD 95.84 from USD 95.33 yesterday in London.
"The rescue plan is essentially going to be a confidence booster and hopefully it will also have some real impact on improving the state of the US economy," said Victor Shum of Purvin and Gertz energy consultancy.
"All of these things should help the economic outlook and hence oil demand and so the price of oil has therefore edged up this morning," he said in Singapore.
After the Senate's approval, the bill to purchase up to USD 700 billion worth of tainted mortgage-related assets at the root of a global financial crisis faces another vote in the House of Representatives.
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Oil prices have already dropped sharply from record high levels above USD 147 in July on worries that demand is shrinking in a US-led global slowdown.
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