Written by: Richard Valdmanis
Posted by: Connie Yee
Posted by: Connie Yee
NEW YORK (Reuters) - Oil prices hit their highest level in nearly three months on Monday as a U.S. plan to purge banks of toxic assets triggered a rally on Wall Street and brightened the outlook for flagging energy demand.
U.S. crude rose $1.73 to settle at $53.80 a barrel, having earlier climbed to $54.05, its highest price since December 1. London Brent crude rose $2.25 to $53.47.
The U.S. government said it would offer financing for investors to unburden banks of up to $1 trillion in soured assets stifling the economy, sending Wall Street up around 5 percent Monday. (^N - News) Stocks also received support from data showing U.S. existing home sales rose in February.
Dealers said the bank plan could brighten the outlook for global business and consumer energy demand, which has been shrinking for the first time in a quarter century.
U.S. crude rose $1.73 to settle at $53.80 a barrel, having earlier climbed to $54.05, its highest price since December 1. London Brent crude rose $2.25 to $53.47.
The U.S. government said it would offer financing for investors to unburden banks of up to $1 trillion in soured assets stifling the economy, sending Wall Street up around 5 percent Monday. (^N - News) Stocks also received support from data showing U.S. existing home sales rose in February.
Dealers said the bank plan could brighten the outlook for global business and consumer energy demand, which has been shrinking for the first time in a quarter century.
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