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Reuters via NYT: Oil Up Sharply, Again Breaking $100 Barrier

Oil rose more than $5 to above $100 on Friday on expectations a comprehensive United States government plan would help battered financial markets.

Washington launched several multi-billion-dollar programs to guarantee holdings in money-market mutual funds and curb short-selling while developing a more sweeping plan to mop up toxic mortgage debt, sending global markets higher.

News of the plan helped push up United States crude to a session high of $103.64 a barrel, and by 9:45 a.m. New York time, it was trading $4.91 a barrel higher at $102.79. Prices were recovering from a seven-month low of $90.51 a barrel on Wednesday.

London Brent crude gained $4.65 to trade at $99.84.

"I think oil is up because there is more confidence in the financial markets. There is a feeling that the crisis is bottoming out and some may see it as a good time to buy," said Gerard Rigby, an independent energy consultant based in Sydney.

Hey Feds, thanks a lot.

by Magnifico on Fri Sep 19th, 2008 at 11:03:43 AM EST

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