Crude oil rose for a fourth day on speculation a proposed $700 billion U.S. government rescue plan for the finance industry may shore up demand. Oil has climbed 18 percent since Sept. 16, the biggest four-day gain since October 2000, as lawmakers pledged fast consideration of the Treasury's plan to buy devalued mortgage- related securities from investment firms. The dollar fell to its lowest in three weeks against the euro, boosting the appeal of commodities as a hedge.
Federal Reserve holds US interest rates steady: the Federal Reserve leaves rates unchanged but suggests inflation and US growth prospects remain key concerns.
http://business.timesonline.co.uk/tol...
It was around $123. Crude oil was little changed after rebounding from a seven-week low on July 23 as some traders purchased contracts on speculation prices fell too far during the past two weeks.
Crude oil rose for a fourth day on speculation a proposed $700 billion U.S. government rescue plan for the finance industry may shore up demand. Oil has climbed 18 percent since Sept. 16, the biggest four-day gain since October 2000, as lawmakers pledged fast consideration of the Treasury's plan to buy devalued mortgage- related securities from investment firms. The dollar fell to its lowest in three weeks against the euro, boosting the appeal of commodities as a hedge.
http://business.timesonline.co.uk/tol...