Oil rebounds above $50
AFP, London
Oil prices bolted back above 50 dollars a barrel Wednesday on indications that US President George W. Bush could be re-elected -- an outcome seen as supportive for oil markets. New York''s main contract, light sweet crude for delivery in December, climbed by 66 cents to 50.28 dollars a barrel in electronic trading. In London the price of Brent North Sea crude oil for delivery in December was 60 cents higher at 47.15 dollars a barrel at about 10:30 GMT. "It is linked to the market''s reading of the US election," said Commerzbank analyst David Thomas. "Prices started rallying quite strongly as the initial poll results were coming through, which seemed to suggest that George Bush was nosing ahead. We are seeing a continuation of that this morning as it appears more and more likely that Bush will be victorious," he added. Prices had fallen on Tuesday amid signs that the campaign of Democrat John Kerry might be gaining momentum on the eve of the vote. Analysts said markets were betting that a win by Bush would push prices higher because his policies would be likely to further fuel tensions in the oil-rich Middle East.
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