Oil near $94 as market awaits US bailout vote

By
October 3, 2008 16:39

 
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Oil prices were erratic near $94 a barrel Friday as investors waited to see if a reworked $700 billion bailout package would pass the US Congress and help stabilize the economy of the world's biggest crude consumer. Worse-than-expected US jobless data released Friday offered more proof of the deteriorating economy. By mid-afternoon in Europe, light, sweet crude for November delivery was down 23 cents to $93.74 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, the contract fell as low as $92.81 before rising to $94.89 and then slipping again.

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