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Crude Oil rises as the Dollar weakens and demand grows

ByFinotec
Published 09/21/2008, 08:00 PM
Updated 04/25/2018, 04:40 AM
sweet crude for October delivery was up 35 cents to $104.90 a barrel

Oil prices were steady Monday in Asia as investors grappled with the possible impact on crude demand of a $700 billion U.S. proposal to buy bad mortgage debt. Light, sweet crude for October delivery was up 35 cents to $104.90 a barrel in electronic trading on the New York Mercantile Exchange midday in Singapore. On Friday, a contract rose $6.67 to settle at $104.55 on initial hopes the rescue plan would stabilize the U.S. financial system and help boost economic growth."There are a lot of issues to be filled in. It's an extraordinarily complex situation," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. "The market is digesting how the package will work and the implications for the U.S. economy." Crude oil is currently trading at $105.260 as of 8:19 am, GMT.

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