Reply #19: Oil prices rise above $90 a barrel [View All]

[UpInArms]

http://news.yahoo.com/s/ap/20080125/ap_on_bi_ge/oil_prices?_ylt=AgAwgUcTSb7bTjFNFV4Tiwz3ULEF

Oil futures extended their gains Friday after U.S. leaders agreed to a stimulus plan in an effort to avert a major slowdown in the world's largest economy.

Light, sweet crude for March delivery on the New York Mercantile Exchange rose 66 cents to $90.07 a barrel in electronic trading by midday in Europe. The contract gained $2.42 a barrel on Thursday, its largest rise in over three weeks.

In London, March Brent crude rose 81 cents to $89.88 a barrel on the ICE Futures exchange.

Prices were also boosted Thursday after the U.S. government reported a drop in heating oil supplies.

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Traders have bet that the tax refunds of $600 to $1,200 that are part of the package will boost oil demand.

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