Crude Oil Rebounds From Six-Week Low on Stimulus Speculation - BusinessWeek

Sept. 23 (Bloomberg) -- Oil rebounded from the lowest level in more than six weeks as equities and the euro advanced amid speculation global central banks will take coordinated measures to prevent a financial crisis.

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Crude tumbled as much as 3.7 percent earlier in New York, dropping with other commodities and equities, as a pledge by Group of 20 nations to tackle rising risks failed to ease concern the global economy is on the brink of another recession. Yesterday, prices plummeted 6.3 percent.

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Crude for November settlement rose 12 cents to $80.63 a barrel at 11:25 a.m. on the New York Mercantile Exchange. Earlier, it touched $77.55, the lowest price since Aug. 9. Futures are down 8.3 percent this week, headed for the biggest drop since the five days ended Aug. 5. Prices have fallen 12 percent this year.

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Crude Oil Rebounds From Six-Week Low on Stimulus Speculation - BusinessWeek