Oil rises after President-elect pledges biggest US public works program in 50 years

09-Dec-08

As President-elect Barack Obama pledged the biggest US public works program in about 50 years, that will create or preserve more than 2.5 million jobs; in a bid to revive the economy, oil prices rose. Speculation that spending on roads, bridges and repairing school buildings will boost raw material demand and engineer a in USA. Oil for January delivery rose for the first time in 7 days to US$44.1 on the New York Mercantile Exchange. Brent crude oil for January settlement rose to US$43.05 a barrel on London's ICE Futures Europe exchange.