Crude oil rebounded from previous day's huge sell-off and topped 100 U.S. dollars a barrel Tuesday as investors bet the U.S. Congress will approve a new bailout plan.
Light, sweet crude for November delivery rose 4.27 dollars to settle at 100.64 dollars a barrel on the New York Mercantile Exchange.
Prices slid more than 10 dollars, biggest drop in seven years, on Monday after the U.S. House of Representatives rejected the 700billion-dollar rescue plan. Major U.S. stocks were battered as well with Dow made a landslide loss of 777 points.
Investors' mood was lifted a bit Tuesday as many of them bet the U.S. legislators will approve a restructured bailout plan, which hopefully would avert the economic downturn. Worries that slowing economy would cut energy demand from consumers and businesses worldwide has made the crude oil lose more than 30 percent since its peak in July.
In London, Brent crude for November delivery rose 4.10 dollars to 98.08 dollars a barrel on the ICE Futures Exchange.
Source: Xinhua
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