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Crude prices surge after U.S. House OKs stimulus plan

16 February 2009 08:14 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. rude prices jumped Friday after the U.S. House of Representatives approved the 787-billion-U.S. dollar economic stimulus package.
The package, which was approved without Republican support, includes more than 37.5 billion dollars for energy infrastructure. The Senate is expected to follow later the day. Investors hoped the package could help pull the economy out of recession.
Crude prices plunged in the past week as concerns about the outlook of the global economy increased while major energy institution lower their energy demand forecast.
On Friday, OPEC said in its monthly report that global demand would fall by 580,000 barrels per day (bpd) in 2009 to average 85.13 million bpd.
Light, sweet crude for March delivery rose 3.53 dollars, or 10.39 percent, to settle at 37.51 dollars a barrel on the New York Mercantile Exchange.
In London, the March Brent contract rose 16 cents to settle at 44.81 dollars on the ICE Futures exchange.