Oil near 3-week high on Europe's bailout plan, Fed

On Tuesday, futures for oil were traded close to 3-week high on expectations of further monetary stimulus in U.S. and concerns over Europe's bailout plan. On the NYMEX, October delivery futures for crude were traded at USD96.50 per barrel at 12:12 London time, which was a USD0.04 decline. Yesterday, the contracts grew to USD96.54, which was a 3-week high.