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Oil near US$74 in Asia on U.S. positive growth

commodities

Oil near US$74 in Asia on U.S. positive growth

Oil prices rebounded to near US$74 a barrel yesterday in Asia amid renewed growth optimism after the Fed said the world's biggest economy was improving and President Barack Obama vowed to boost jobs.
Benchmark crude for March delivery rose US$0.32 to US$73.99 a barrel at early afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract fell US$1.04 to settle at US$73.67 on Wednesday, the lowest since Dec. 14 when crude dipped to US$73.46.
Obama, fighting to recharge his embattled presidency, pledged Wednesday in his first State of the Union address to get millions of Americans back to work even as he tackles the soaring U.S. deficit.
He also prodded Congress to enact a second stimulus package to help small businesses and funding for infrastructure projects, after bailing out big banks in the past.
The Federal Reserve also promised Wednesday to hold interest rates at near zero to nurture the economic recovery and reduce unemployment. It also said American economic activity "continued to strengthen," a modest upgrade from its previous take on the economy.


Updated : 2021-08-03 19:44 GMT+08:00