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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Oil bounces off 17-month low By GEORGE JAHN,Associated Press Writer AP - 1 hour 18 minutes ago VIENNA, Austria - Oil prices bounced off a 17-month low Wednesday as a rally in stock markets boosted views the market has now priced in the worst of a global economic slowdown and its impact on crude demand. Oil investors have been closely tracking equity indexes for signs of market sentiment over how deep and widespread the global downturn will be. They took heart from a rally in stocks that began Tuesday in the U.S. and followed through to Asia and Europe on Wednesday. "Everybody is looking to Wall Street for guidance," said Gavin Wendt, head of mining and resources research at consultancy Fat Prophets in Sydney. "The positive momentum in stock markets has had an impact on commodities." Light, sweet crude for December delivery was up $1.64 to $64.37 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. The contract overnight fell 49 cents to settle at $62.73, the lowest closing price since May 15, 2007. Oil prices have fallen by about 57 percent since peaking at nearly $150 a barrel in mid-July. Japan's benchmark Nikkei index jumped 7.7 percent on Wednesday while Australia's key stock index rose 1.3. The Dow Jones industrial average soared nearly 900 points, or nearly 11 percent, its second-largest point gain ever. The U.S. Federal Reserve is expected to cut its target fed funds rate by half a point to 1 percent on Wednesday and investors are speculating the Bank of Japan may trim interest rates when it meets Friday. Further price support might come from Asia. Vienna's JBC Energy noted that "major consumers such as China, India and Indonesia have been under increasing pressure to reduce retail (gasoline) prices as crude prices have dropped significantly." Less pricey gasoline might drive up demand. Downward pressure, however, could come from the latest snapshot of U.S. demand. Investors are also watching for signs of slowing in the weekly oil inventories report to be released Wednesday from the U.S. Energy Department's Energy Information Administration. The petroleum supply report has shown larger than expected increases in oil, gasoline and distillate stocks during the last few weeks, suggesting U.S. motorists reduced driving after oil surged to a record in July. OPEC members warned Tuesday that lower oil prices threaten to make unprofitable key oil infrastructure investment, which could undermine future production. At an annual oil and money conference in London, United Arab Emirates Energy Minister Mohammed Bin Dhaen al-Hamli said the current crude prices were "very dangerous for the world's economy." "OPEC would like to protect the $80 price level," Wendt said. "Many OPEC members haven't made the proper investments in their aging infrastructure." In other Nymex trading, gasoline futures rose nearly 3 cents to $1.49 a gallon, while heating oil gained close to 4 cents to fetch $1.95 a gallon. Natural gas for November delivery increased by more than 17 cents to $6.36 per 1,000 cubic feet. In London, December Brent crude rose $2.49 to $62.78 a barrel on the ICE Futures exchange. ___ Associated Press writer Alex Kennedy contributed to this report from Singapore. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Newmont 3Q profits fall 51 percent on higher costsAP - 1 hour 3 minutes ago European stocks up after Dow surgeAP - 1 hour 15 minutes ago China investigates tainted eggs in new food scareAP - 1 hour 17 minutes ago Oil bounces off 17-month lowAP - 1 hour 18 minutes ago Qwest 3Q profit down; will cut 1,200 jobsAP - 1 hour 19 minutes ago Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead Markets rebound ahead of key US meeting Australian central bank intervenes as dollar falls again View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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