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Higher oil prices

Higher oil prices
World oil prices were up more than one dollar in Asian trade on Thursday shortly after the US Senate approved a revised government proposal to bail out the US financial sector.

Collapse of the plan would further heighten worries

World oil prices were up more than one dollar in Asian trade on Thursday shortly after the US Senate approved a revised government proposal to bail out the US financial sector.

New York's main contract, light sweet crude for November delivery, was 1.23 dollars higher at 99.76 dollars a barrel from 98.53 dollars at the close of floor trading Wednesday on the New York Mercantile Exchange.

Brent North Sea crude for November delivery gained 1.70 dollars a barrel to 97.03 from 95.33 dollars on Wednesday in London.

After the Senate's approval, the bill to purchase up to 700 billion US dollars worth of tainted mortgage-related assets at the root of a global financial crisis must face a vote in the House of Representatives.

Analysts have said collapse of the plan would further heighten worries of an even sharper slowdown in the already-weak US economy, a major buyer of the world's exports.

Oil prices have already dropped sharply from record high levels above 147 dollars in July on worries that demand is shrinking in a US-led global slowdown.

www.TurkishMaritime.Com.tr

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