The price of crude oil climbed by $25 per barrel Monday, the largest jump ever over worries of a weakened dollar prompted by US government plans to buy failing mortgages from the troubled finance industry.
The price of oil for October delivery on the New York Mercantile Exchange jumped by $25 to $130 a barrel, before settling at $120.92 , or a $16.37 increase for the day's trading.
Oil prices spiked more than $25 a barrel on Monday the biggest one-day price jump ever as anxiety over the government's $700 billion bailout plan battered the dollar and touched off frenzied buying of safe-haven investments including crude.
Crude has gained about $40 in a dramatic four-day rally that has at least temporarily halted oil's steep two-month slide below $100. At this rate, crude is within striking distance of its all-time record of $147.27, reached in July.
The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.
The huge rally was poised to shatter crude's previous one-day price jump of $10.75, set June 6.
Source
Timesofindia.com
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