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Oil rises to $68 on weak dollar

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Alex Lawler
Thursday, Oct 30, 2008

Oil rose by more than a dollar to more than $68 a barrel on Thursday, boosted by a weak U.S. dollar and hopes that interest rate cuts in the U.S. and China would bolster the world economy.

Asian stock markets gained for a third day and European shares opened higher on signs that investors are rediscovering an appetite for risk in response to global efforts to prevent a deep recession.

“The financial picture is still leading oil prices with attention being drawn away from fundamental oil news,” analysts at ODL Securities said in a report.

(Article continues below)

U.S. crude rose $1.24 to $68.74 a barrel by 1057 GMT, off an earlier high of $70.60. That added to a $4.77, or 7.6 percent, gain on Wednesday. London Brent crude was up 76 cents at $66.23.

Oil has more than halved from its record high of $147.27 struck in July and is down by 30 percent so far this month, putting it on track for its biggest ever monthly fall.

  • A d v e r t i s e m e n t

The U.S. Federal Reserve cut interest rates by half a percentage point, taking its target for overnight bank lending to 1 percent, the lowest since 2004, in an attempt to revive the sagging economy.

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This article was posted: Thursday, October 30, 2008 at 5:04 am

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