Crude Rises As Turmoil Eases
Crude is a little higher this morning on the news that the US will shortly unveil a package designed to ease the global financial turmoil.
Central banks, encouraged by the Fed, have also released $247 billion into the market in an effort to improve liquidity.
This has eased crude consumption fears and sees October crude 79c higher at $98.67/barrel at 07.45am London time.
Oil tumbled more than $10 in the first two days of the week as Lehman Bros collapsed, Merrill Lynch was sold and AIG was stalking the market for finance. However, concerns about the availability of supplies from the U.S. Gulf of Mexico and Nigeria have kept prices from falling through the $90 a barrel mark.
Central banks, encouraged by the Fed, have also released $247 billion into the market in an effort to improve liquidity.
This has eased crude consumption fears and sees October crude 79c higher at $98.67/barrel at 07.45am London time.
Oil tumbled more than $10 in the first two days of the week as Lehman Bros collapsed, Merrill Lynch was sold and AIG was stalking the market for finance. However, concerns about the availability of supplies from the U.S. Gulf of Mexico and Nigeria have kept prices from falling through the $90 a barrel mark.