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Oil prices move 7.6% up

30 October 2008 09:23 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. US crude rose $4.77, or 7.6 percent, at $67.50 a barrel, then rose further to hit $68.28 in post-settlement trade.
London Brent crude settled up $5.18 a barrel at $65.47.
Strong rebounds in global stock markets after the US Federal Reserve slashed its key interest rate by another 0.5 percentage points to 1.0 per cent boosted oil prices, analysts said.
The Fed’s expected action came after China also chopped its benchmark one-year deposit rate by 27 basis points to 3.60 per cent in a bid to spur economic growth, and expectations rose for rate cuts in Japan and Europe.
On Tuesday, Opec Secretary General Abdalla Salem El-Badri warned it could cut output again if prices keep falling.
The US Department of Energy said crude oil rose by 500,000 barrels in the week ended October 24, sharply less that market expectations of a 1.6 million barrel increase.