InfoAnda - Oil prices rally on China stimulus package

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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 prices rally on China stimulus package AFP - 2 hours 46 minutes ago LONDON (AFP) - - Oil prices rose by more than two dollars on Monday after China's announcement at the weekend of a massive local economic stimulus package was set to increase demand for crude, analysts said. On the New York Mercantile Exchange (NYMEX), light sweet crude for delivery in December jumped 2.38 dollars to 63.42 dollars a barrel. Brent North Sea crude for December was up 2.09 dollars at 59.44 dollars a barrel on London's InterContinental Exchange (ICE). China's four-trillion-yuan (586-billion-dollar) stimulus package aimed at boosting its economy would mean greater demand for commodities including oil, dealers said. "China's stimulus package is significant," said David Moore, a Sydney-based strategist with the Commonwealth Bank of Australia. "It will support China's economic growth and therefore demand for oil," he said. The giant Asian nation is a major buyer of commodities and its thirst for oil imports to fuel its runaway economic growth in recent years was a key factor behind the surge in crude prices to record levels above 147 dollars in July. 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: Oil Price Hike Oil prices rally on China stimulus packageAFP - 2 hours 51 minutes ago World oil prices more than two dollars higherAFP - Tuesday, November 11 S.Korea further delays power price hikesReuters - Monday, November 10 Saudi Aramco says on track for 12 mbpd capacityReuters - Monday, November 10 Related Articles: Business Dish Network 3rd-quarter profit slides 54 percentAP - 1 hour 2 minutes ago Tax wrangles threaten Cameroon mine - SundanceReuters - 1 hour 2 minutes ago Chile peso up as China plan boosts global boursesReuters - 1 hour 6 minutes ago Latvian inflation falls as economy suffersAP - 1 hour 8 minutes ago France wants emerging market nations to join G-7AP - 1 hour 9 minutes ago Enlarge Photo Oil prices rally on China stimulus package Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed G20 pledges 'all necessary steps' to restore stability In Obama's victory, Americans see legacy of Lincoln Documents expose Prince William RAF training row: report AIDS vaccines: New hope for problem-plagued path Porsche hits record results on the back of VW shares View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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