Oil hovers near $75 as global stocks rally
SINGAPORE: Oil prices hovered near $75 a barrel Monday in Asia, buoyed by rallying global stock markets and improving investor sentiment.
Benchmark crude for October delivery was down 38 cents at $74.79 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.81 to settle at $75.17 on Friday.
Federal Reserve Chairman Ben Bernanke said Friday the central bank was ready to step in if the U.S. economy showed further signs of weakening. Bernanke's comments sparked a stock market rally, with the Dow Jones industrial average jumping 1.7 percent Friday.
Most major European and Asian stock markets followed t he U. S. l ead and r ose Monday.
They also got a boost from Japan's central bank deciding at an emergency board meeting to further ease monetary policy by extending more cheap loans to financial institutions. -Afp