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| Version 2 | Version 3 |
|---|---|
| Record one-day jump in oil price | Record one-day jump in oil price |
| (about 6 hours later) | |
| The price of oil has jumped by more than $16 to $120.92 a barrel, the biggest one-day gain on record. | The price of oil has jumped by more than $16 to $120.92 a barrel, the biggest one-day gain on record. |
| There is uncertainty about how the government's financial bail-out plan will work, causing investors to switch to perceived safe havens such as oil. | |
| Others believe that the US government's bail-out plan will help the economy, increasing demand for oil. | Others believe that the US government's bail-out plan will help the economy, increasing demand for oil. |
| Concerns also persist about supply as production in the Gulf of Mexico is still affected by Hurricane Ike. | Concerns also persist about supply as production in the Gulf of Mexico is still affected by Hurricane Ike. |
| However, analysts said the US rescue package was key. | However, analysts said the US rescue package was key. |
| "[It] has changed sentiment in the oil market," said analyst Paul Harris from Bank of Ireland. | "[It] has changed sentiment in the oil market," said analyst Paul Harris from Bank of Ireland. |
| At one point during trading, the price of oil rose by more than $25. The volatility in the price has been exacerbated by the fact that the contract for the supply of oil in October expires on Monday. | At one point during trading, the price of oil rose by more than $25. The volatility in the price has been exacerbated by the fact that the contract for the supply of oil in October expires on Monday. |
| The contract for oil to be delivered in November was not up as sharply. It rose by $6.62 to $109.37 in New York. | The contract for oil to be delivered in November was not up as sharply. It rose by $6.62 to $109.37 in New York. |
| Last week oil traded as low as $91 a barrel. It had fallen from the peak of $147 a barrel it reached in July. | Last week oil traded as low as $91 a barrel. It had fallen from the peak of $147 a barrel it reached in July. |