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23.09.2011 15:41

Oil сlimbs after sliding to six-week low

 

Oil rose from a six-week low in New York as investors speculated the biggest weekly drop in almost two months is exaggerated, while central bankers from the Group of 20 pledged to address risks to the global economy.

Futures climbed as much as 1.6 percent after plunging 6.3 percent yesterday and dipping below $80 earlier today. Finance chiefs from the Group of 20 nations said they would address “heightened downside risks” from sovereign debt and slowing growth. Prices may fall next week on concern economic growth will slow in the U.S. and China.

Crude oil for November delivery climbed as much as $1.30 to $81.81 a barrel in electronic trading on the New York Mercantile Exchange and was at $81.42 at 9:22 a.m. London time. The contract yesterday dropped $5.41 to $80.51, the lowest settlement since Aug 9. Prices are down 7.4 percent this week

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