World oil prices higher in Asia
World oil prices traded higher in Asia after US President George W Bush called for a multibillion-dollar stimulus plan to help kick-start the flagging economy.
By Agencies |
SINGAPORE: World oil prices traded higher in Asia on Monday after US President George W Bush called for a multibillion-dollar stimulus plan to help kick-start the flagging economy.
In morning trade, New York's main contract, light sweet crude for delivery in February, was 42 cents higher at 90.99 dollars a barrel.
The contract closed 44 cents lower at 90.57 dollars a barrel on Friday, a loss of more than two dollars over the week.
Floor trading on the New York Mercantile Exchange will be closed Monday for the Martin Luther King holiday.
Brent North Sea crude for March delivery was 34 cents higher at 89.57 dollars a barrel after rising 48 cents in London on Friday.
In the past two weeks, the benchmark crude prices have tumbled nearly 10 per cent from record highs set in early January: 100.09 dollars in New York and 98.50 dollars in London.
Market players are worried about signs that the US economy could be heading into recession, which likely would dampen demand for oil.
With a US recession looming, Bush called for a stimulus plan costing at least 140 billion dollars and urged a bipartisan effort in Congress to speed the rescue effort.
The substantial size of the proposed stimulus underscored the depth of US economic problems triggered by a prolonged housing slump and a credit crisis.
In morning trade, New York's main contract, light sweet crude for delivery in February, was 42 cents higher at 90.99 dollars a barrel.
The contract closed 44 cents lower at 90.57 dollars a barrel on Friday, a loss of more than two dollars over the week.
Floor trading on the New York Mercantile Exchange will be closed Monday for the Martin Luther King holiday.
Brent North Sea crude for March delivery was 34 cents higher at 89.57 dollars a barrel after rising 48 cents in London on Friday.
In the past two weeks, the benchmark crude prices have tumbled nearly 10 per cent from record highs set in early January: 100.09 dollars in New York and 98.50 dollars in London.
ADVERTISEMENT
Market players are worried about signs that the US economy could be heading into recession, which likely would dampen demand for oil.
With a US recession looming, Bush called for a stimulus plan costing at least 140 billion dollars and urged a bipartisan effort in Congress to speed the rescue effort.
The substantial size of the proposed stimulus underscored the depth of US economic problems triggered by a prolonged housing slump and a credit crisis.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
