MW: Oil futures gain 3.4%; other energy futures also higher
By Polya Lesova
NEW YORK (MarketWatch) -- Oil futures gained early Monday, buoyed by dollar weakness as well as the U.S. government's rescue plan for ailing financial giant Citigroup . Crude oil for January delivery rose $1.77, or 3.4%, to $51.67 a barrel in electronic trading on Globex. Other energy futures also gained, with natural gas rising 4%. "Surging stock markets this morning following the rescue plan for troubled Citigroup have lifted sentiment and in the process lifted crude prices this morning," wrote analysts at Sucden Research in a note. "Oil markets have also been supported by the depreciating dollar on a trade-weighted basis and the increasing prospect of an OPEC supply cut."
