Financial News Props Up Oil Prices Monday
Posted on: Monday, 13 October 2008, 09:00 CDT
Crude oil prices climbed on the New York Mercantile Exchange Monday as European leaders contemplated a massive bank rescue plan.
Britain said it would pump $88 billion into banks now with a promise of $438 billion in loans to the banking sector, The Wall Street Journal reported. Leaders of the 15-nation Eurozone were contemplating a variety of plans to help banks, including purchasing bank equity and loans, the Journal said.
Members of the Organization of Petroleum Exporting Countries called a special meeting for November, as oil prices have fallen more than 45 percent from their peak in July.
Crude oil prices gained $3.50 to $81.20 per barrel in New York. Heating oil prices gained 0.0969 cents to $2.3069 per gallon. Reformulated blendstock gasoline rose 0.0758 cents to $1.8828 per gallon. Natural gas prices gained 0.12 cents to $6.65 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $3.206 Monday, down from Sunday's $3.247 a gallon, AAA said.
Source: United Press International
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