Main Street 9

U.S. oil prices rose above $35 a barrel  parring but not reversing  nearly 7% drop on renewed economy concerns, slumping demand and bloated inventories.
U.S. crude for March delivery rose 32 cents to $35.25 a barrel.
“The crude market is still hanging on to the low end of its range,” said Tom Bentz, an analyst at BNP [...]

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Traders said oil’s gains on Thursday were largely driven by news that U.S. lawmakers appeared close to a final agreement on the massive bailout plan, a deal that could help the world’s largest energy-consuming nation avoid a deep recession that would cut deeply into fuel demand.
But the deal to rescue the faltering U.S. financial system [...]

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While the Federal Reserve had been tipped to leave rates on hold, analysts said a cut looked more likely after Lehman Brothers filed for bankruptcy.
The Fed has sought to soothe nerves and earlier injected $70bn  into markets to boost liquidity.
Central banks worldwide have faced the twin threat of quickening inflation and a wider economic slowdown.
“The [...]

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