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Oil Prices Climb

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World oil prices rebounded in Wednesday's trading.

The price of a barrel of crude oil for future delivery gained nearly $4 to go as high as $95 a barrel in New York.

Oil prices had fallen earlier in the week as investors worried that problems in the U.S. financial sector could hurt the economy and slow demand for energy.

Oil buyers were apparently reassured when Washington helped insurance giant AIG and took other actions to calm the markets.

Oil prices have fallen more than one-third since hitting an all-time high price above $147 a barrel in July.

 

Some information for this report was provided by AFP, AP and Reuters.

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