Oct 7, 2008
Oil rebounds to $90 after falling to 8-month low
Oil prices rebounded to above $90 Tuesday in Asia after plunging to an 8-month low the previous day on concerns a significant slowdown in global economic growth will undermine demand for crude.
'Prices have moved so far, so fast,' said David Moore, commodity strategist at Commonwealth Bank of Australia in Sydney. 'I certainly wouldn't say the bounce today is indicative that we've reached a bottom in oil prices.'
Light, sweet crude for November delivery was up $2.38 to $90.19 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract fell overnight $6.07 to settle at $87.81, the lowest level since Feb. 6.
Read full story from The Associated Press
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