After $6/b swing, NYMEX crude settles $1.37 higher

摘要

New York-New York Mercantile Exchange December crude futures settled $1.37 higher at $62.41/barrel November 10 in a volatile session that saw prices race higher during Asia, only to fall back during US hours, swinging in a $6 range.The initial pop in prices occurred at the start of Asian trading on news that China will loosen credit conditions, cut taxes and embark on a $586 billion infrastructure spending program over the next two years in a wide-ranging effort to offset adverse global economic conditions by boosting domestic demand, the Chinese official Xinhua news agency reported (see story, p. 2).