Friday, February 10, 2012
- 9 sentenced for London Stock Exchange terror plot
- Greece reaches deal on austerity
- CJ takes suo motu notice of Lahore factory collapse
- India, Pakistan trade can reach $10 bn by 2015: CII
- Terror trial of accused Bali bomber starts Monday
- Warrant issued for ex-Maldives president
- Nato supplies continue through Pak airspace: Munter
- Contempt appeal: SC asks Aitzaz to complete arguments on Friday
- Khar says drone attacks multiply militants
- Tax collection registers increase of 26%: Hafeez Shaikh
Oil surges $121 a barrel
NEW YORK (AFP) - Crude oil prices skyrocketed Monday by 16.37 dollars, the biggest one-day dollar gain on record, lifted by a declining dollar amid a proposed US financial sector bailout.
New York's main contract, light sweet crude for October delivery, raced 16.37 dollars a barrel higher to close at 120.92 dollars.
Earlier it had soared past the 110-dollar mark for the first time since Aug 29. The contract expired at the close of trade.
According to analysts, the 700-billion-dollar US bailout, which requires approval by Congress, has eased fears that the world's largest economy was on the brink of collapse.
Monday's rally far exceeded the prior one-day dollar gain of 10.75 dollars on June 6.
The US bailout plan also prompted a decline in the dollar, which was trading around 1.47 dollars against the euro Monday. A weaker dollar makes dollar-priced oil more attractive to buyers using stronger currencies.
Oil and other commodities traditionally are seen as safer investments when the US currency weakens.
New York's main contract, light sweet crude for October delivery, raced 16.37 dollars a barrel higher to close at 120.92 dollars.
Earlier it had soared past the 110-dollar mark for the first time since Aug 29. The contract expired at the close of trade.
According to analysts, the 700-billion-dollar US bailout, which requires approval by Congress, has eased fears that the world's largest economy was on the brink of collapse.
Monday's rally far exceeded the prior one-day dollar gain of 10.75 dollars on June 6.
The US bailout plan also prompted a decline in the dollar, which was trading around 1.47 dollars against the euro Monday. A weaker dollar makes dollar-priced oil more attractive to buyers using stronger currencies.
Oil and other commodities traditionally are seen as safer investments when the US currency weakens.
This news was published in print paper. Access complete paper of this day.
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