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Crude Oil price surges in Asia
2 August 2011: Crude oil markets rallied in Asian trade amid relief at the announcement of an elusive US debt deal.New York's main contract, light sweet crude oil for delivery in September, surged $1.53 (approx Rs 68.085) to $97.23 (approx Rs 4326.735) per barrel. Brent North Sea crude gained $1.25 (approx Rs 55.625) to $117.99 (approx Rs 5250.555).
US President Barack Obama announced an 11th-hour deal to avert a potentially catastrophic debt default for the United States. The deal is yet to approve by the Indian Government.
Source: Business Standards