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| Oil rises ahead of stimulus vote | |
| (about 5 hours later) | |
| Oil prices rose towards $36 per barrel after a week of falling crude prices, and ahead of the expected approval of President Obama's stimulus plan. | |
| The House of Representatives and the Senate are expected to push through the £789 billion (£547bn) package later. | |
| Prices had previously dipped below $34 as oil producers' cartel Opec warned that demand will fall in 2009. | |
| President Obama has said that the emergency plan will create or save 3.5 million jobs. | |
| 'Steep decline' | |
| The global slowdown has seen oil prices fall more than $110 off the highs seen in July last year and Opec forecasts that demand will fall by 0.67% in 2009. | |
| US crude for March delivery rose $1.84 to $35.82 a barrel after previously falling $1.96 to $33.98 a barrel, the lowest since 19 December. | |
| Opec now forecasts that global oil demand will fall by 580,000 barrels a day to average 85.13 million barrels a day. It had earlier forecast that demand would fall by 180,000 barrels a day. | Opec now forecasts that global oil demand will fall by 580,000 barrels a day to average 85.13 million barrels a day. It had earlier forecast that demand would fall by 180,000 barrels a day. |
| "World oil demand continues its steep decline from last year and is expected to follow this strong negative pattern at least for the first three quarters of the year," the oil producers' cartel said in its February report. | "World oil demand continues its steep decline from last year and is expected to follow this strong negative pattern at least for the first three quarters of the year," the oil producers' cartel said in its February report. |
| Oil demand in industrialised countries "is experiencing a steep decline resulting from the region's economic depression," the cartel said. | Oil demand in industrialised countries "is experiencing a steep decline resulting from the region's economic depression," the cartel said. |
| Weak demand | Weak demand |
| Earlier this week, the Energy Information Administration reported a seventh consecutive weekly increase in nationwide crude oil stocks as the economic crisis crushed business and consumer demand for fuel. | Earlier this week, the Energy Information Administration reported a seventh consecutive weekly increase in nationwide crude oil stocks as the economic crisis crushed business and consumer demand for fuel. |
| And rising unemployment has led to further fears of weakening demand for oil among US consumers. | And rising unemployment has led to further fears of weakening demand for oil among US consumers. |
| New claims for unemployment benefit remain close to record highs. | New claims for unemployment benefit remain close to record highs. |
| The US jobless rate rose to 7.6% in January, up from 7.2% in December, according to official figures - the highest level since 1992. | The US jobless rate rose to 7.6% in January, up from 7.2% in December, according to official figures - the highest level since 1992. |
| The rapid rise in unemployment suggests the US recession is deepening. | The rapid rise in unemployment suggests the US recession is deepening. |
| Members of both houses of Congress have agreed a stimulus package, now worth $789bn (£549bn), including tax cuts and spending aimed at rescuing the US economy. | Members of both houses of Congress have agreed a stimulus package, now worth $789bn (£549bn), including tax cuts and spending aimed at rescuing the US economy. |
| But analysts have questioned how much the oil price will benefit from it. | But analysts have questioned how much the oil price will benefit from it. |