Oil hov­ers near $75 as global stocks rally

The Pak Banker - - International -

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

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