Oil rose to near US$89 a barrel in Asia amid hopes China and the U.S. will take new steps to bolster their economies. Benchmark crude rose to US$88.61 a barrel at midday Bangkok time in electronic trading on the Nymex.
The rise was driven by expectations that US and China will do more to prop up slowing economic growth. The two countries are the world's biggest and second-biggest crude consumers. As consumers spend more and the economy strengthens, demand for oil is likely to rise.