Oil prices march upward for 2nd straight day
September 29, 2012, 12:01 am TWN
BANGKOK--Hopes that the global economy might see some improvement after Spain announced far-reaching steps to fix its ailing economy helped keep oil prices on the upswing for a second day.
Benchmark oil for November delivery was up 61 cents to US$92.46 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose US$1.87 to finish at US$91.85 per barrel on the Nymex on Thursday.
Brent crude gained US$1.28 to US$113.29 on the ICE Futures Exchange in London.
After three straight days of declines, oil posted gains in Asia on Thursday.
, helped by expectations the People's Bank of China will soon take more steps to stimulate the world's No. 2 economy. Spain later announced severe budget cuts intended to convince the world that it can meet deficit-reduction targets.
Still, oil analyst Stephen Schork said he expects “high volatility” as oil contracts for October expire.