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Oil jumps toward $80 as global equities rise

(Xinhua)
Updated: 2009-10-20 04:08

NEW YORK: Crude prices climbed for the eighth consecutive day toward 80 US dollars a barrel on Monday as global equities rose broadly, adding to hopes for a sooner economic recovery.

Light, sweet crude for November delivery rose 1.08 dollars, or 1.4 percent, to settle at 79.61 dollars a barrel on the New York Mercantile Exchange, the highest close in a year.

US stocks rose to a fresh one-year high on better-than- estimated corporate earnings after major averages in Europe and Asia gained overnight. Commodities market tracked stock indexes closely in recent months as dealers view equities as a lead indicator of economic performance.

Related readings:  Oil jumps to fresh 1-year high near $76 a barrel  IEA warns sharp rise in oil could damage recovery  Developing economies to drive up oil demand  Oil states deny talks on replacing dollar

Meanwhile, the dollar dropped against the euro as the Federal Reserve signaled it will keep borrowing costs at record lows, further boosting oil prices.

In London, Brent Crude for October delivery rose 78 cents to settle at 77.77 dollars a barrel on the ICE Futures exchange.