Business | Oil & Gas

Oil rises above $63 on higher Asian stocks

Oil rose above $63 a barrel on Monday in Asia where stock markets rallied on a massive Chinese economic stimulus plan.

  • Agencies
  • Published: 12:04 November 10, 2008
  • Gulf News

Singapore: Oil rose above $63 a barrel on Monday in Asia where stock markets rallied on a massive Chinese economic stimulus plan.

Light, sweet crude for December delivery was up $2.42 to $63.46 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.

China's $586 billion stimulus package announced Sunday helped lift Asian stock markets on Monday.

The Shanghai Composite Index surged 7.3 per cent, Japan's Nikkei 225 index rose 5.8 per cent and Hong Kong's Hang Seng index gained 4.8 per cent.

Another production cut by the Organization of Petroleum Exporting Countries (Opec) may also boost prices, the group's president Chakib Khelil said on Saturday.

Khelil, who is also Algeria's energy minister, said Opec seeks prices between $70 and $90 per barrel.

"If we go toward $55, I expect OPEC to call an emergency meeting and announce another cut," Chu said. "The market expects them to cut again in December at the latest."

Oil prices have fallen about 56 per cent since reaching a record $147.27 in mid-July.

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