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Oil prices march upward for 2nd straight day

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.

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