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U.S. crude futures up $5 on Iran, Fed action
Tue, Oct 7 2008, 13:48 GMT
http://www.afxnews.com
NEW YORK, Oct 7 (Reuters) - U.S. crude oil futures rose more than $5 in volatile trading on Tuesday, spurred by an Iranian news agency report that a U.S. military aircraft had violated Iranian territory unintentionally and had been forced to land in Iran.
The Pentagon said it had no reports of an Iran landing.
Crude's rally also was fueled by the Federal Reserve's move to backstop the U.S. commercial paper market, announcing creation of a special-purpose facility with the Treasury Department's blessing to begin buying commercial paper.
An Australian interest rate cut, talk of an OPEC output cut had earlier helped bolster crude futures.
On the New York Mercantile Exchange at 9:27 a.m. EDT (1327 GMT), November crude was up $3.75, or 4.27 percent, at $91.56 a barrel, trading between $88.36 and $93.02.
(Reporting by Robert Gibbons) Keywords: ENERGY NYMEX/CRUDE
Varghese Joseph
vj
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