* Oil, global markets rise on hopes U.S. bailout will pass
* Europe rescues more banks; US, European shares rise
* OPEC seaborne exports rise
(Updates prices)
NEW YORK, Sept 30 (Reuters) - Oil rose $6 per barrel on
Tuesday to over $102 as expectations U.S. lawmakers would pass
a financial stability plan boosted global markets.
Oil and other markets had tumbled on Monday after the U.S.
House of Representatives rejected the $700 billion bailout
plan. But U.S. President George W. Bush and congressional
leaders pledged to continue negotiations. []
U.S. crude <CLc1> traded up $6 to $102.37 in
post-settlement trade, after earlier settling up $4.27 at
$100.64 a barrel. On Monday, oil dropped $10.52 in the
second-biggest fall since April 23, 2003. London Brent crude
<LCOc1> traded up $4.19 to settle at $98.17 a barrel.
"I do think that Congress will pass the bailout package,
possibly before this weekend," said Mark Waggoner, president of
Excel Futures.
The U.S. dollar surged and global stocks clawed back from
Wall Street's worst day in 20 years as investors bet Washington
eventually would pass the plan to stimulate credit markets and
stave off a possible recession.
Oil has dropped from a record high $147.27 reached in July
on signs that high energy prices and the financial crisis have
cut into crude demand in the United States and other
industrialized nations.
Additional pressure has come as investors -- who had rushed
into commodities earlier this year as a hedge against inflation
and the weak dollar -- sold crude for safer havens.
Signs the financial crisis was spreading to Europe could
erode demand further, analysts warned.
"Slower international economic growth is bound to dent oil
demand," said David Moore, a commodities analyst at the
Commonwealth Bank of Australia.
Belgian-French financial services group Dexia <DEXI.BR> is
getting a 6.4 billion euro ($9.18 billion) capital boost from
public shareholders.
Ireland offered to guarantee all bank deposits for two
years to improve banks' access to funds on international
markets, helping sentiment in the equity market.
Analysts said the spread of credit problems to Europe was
stoking fears the financial turmoil, which started with risky
lending to the U.S. property market, had gone global rapidly.
OPEC seaborne oil exports, excluding Angola and Ecuador,
rose 50,000 barrels per day (bpd) in the four weeks to Sept. 14
but fell sharply from Gulf producers, Lloyd's Marine
Intelligence Unit said. []
A Reuters poll of analysts ahead of weekly U.S. government
inventory data due out on Wednesday predicted crude stockpiles
in the world's top consumer rose 2.4 million barrels in the
week to Sept. 26. Analysts forecast distillates fell by 1.2
million barrels while gasoline inventories were seen down 1.6
million barrels. []
(Reporting by Matthew Robinson and Rebekah Kebede in New
York, Alex Lawler and Jane Merriman in London, additional
reporting by Maryelle Demongeot in Singapore and Fayen Wong in
Perth; Editing by Marguerita Choy)
