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Oil rebounds up sharply

25 November 2008 07:47 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Crude oil for January delivery increased $4.57, or 9.2 percent, to settle at $54.50 a barrel at 2:43 p.m. on the New York Mercantile Exchange, the biggest one-day gain since Nov. 4, Bloomberg reported. Futures have dropped 63 percent since reaching a record $147.27 on July 11.
Brent crude oil for January settlement increased $4.74, or 9.6 percent, to settle at $53.93 a barrel on Londonâ€™s ICE Futures Europe exchange.
Oil futures have followed stock markets recently, using equities as a proxy for economic outlook and investor sentiment.
Traders are also expressing confidence in President-elect Barack Obama’s emerging economic team.
Congress will send Obama an economic stimulus package the day he takes office Jan. 20, Democratic lawmakers said.
Oil ministers from the 13-nation Organization of Petroleum Exporting Countries are scheduled to meet on Nov. 29 in Cairo. Slowing global demand has left a 1 million barrel-a-day oversupply that needs to be removed by year-end, Venezuelaâ€™s oil minister, Rafael Ramirez, said yesterday.