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Oil rose to $62 on the world market

11 November 2008 10:38 (UTC +04:00)

Baku. Vugar Mustafayev â€“ APA-Economics. Commodity markets managed only a brief rally even after Chinaâ€™s government announced a economic stimulus package.
US crude settled up $1.37 at $62.41 a barrel, while London Brent crude gained $1.73 to settle at $59.08.
The weakening in the U.S. dollar, partially driven by the $586 billion Chinese stimulus package, may be pushing investors to buy crude.
Crude is bought and sold in dollars, and when the dollar falls against foreign currencies, investors often sell the U.S. currency and buy oil.
Gold rose 1.3 per cent to $745.50 a troy ounce. RBC Capital Markets has cut its 2009 average gold price forecast from $935 to $850 and from $965 to $875 for 2010.