Business | Oil & Gas
Oil rises above $91 as global stocks rally
Oil soared above $91 a barrel on Friday, lifted by a broader stock market rally as the US confirmed an economic stimulus plan to ward off a recession in the world's top energy consumer.
- Reuters
- Published: 00:19 January 26, 2008
London: Oil soared above $91 a barrel on Friday, lifted by a broader stock market rally as the US confirmed an economic stimulus plan to ward off a recession in the world's top energy consumer.
US crude rose $1.84 to $91.25 a barrel by 1519 GMT. It had jumped nearly three per cent on Thursday to settle at $89.41 a barrel.
London Brent crude was $2.06 cents higher at $91.13 a barrel.
US congressional leaders and the White House confirming a $150 billion stimulus package of tax rebates for families on Thursday pushed up global stock indexes, giving oil a boost despite mildly bearish US weekly inventory data which showed that domestic crude supplies rose 2.3 million barrels last week, slightly above analyst expectations.
US gasoline stocks swelled by five million barrels, well above forecasts.
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