Crude futures close higher amid concerns about financial crisis

Special Report:Global Financial Crisis

NEW YORK, Nov. 10 (Chinese media) -- Crude futures closed

higher Monday amid concerns about the mounting global financial crisis.

Oil prices opened higher in the morning after China

announced new economic stimulus plan aimed to boost domestic demand. U.S. crude

rose as high as 65.56 U.S. dollars a barrel.

The world's largest oil producer, Saudi Arabia's

announcement that it would cut December supplies by 5 percent also boost the

prices.

However, the rally did not last as investors weighed

bad economic data in the United States.

The U.S. government restructured its bailout of

American International Group Inc, raising the package to a record 150 billion

dollars after the former plan failed to stabilize the insurance giant.

Circuit City Stores Inc., the U.S. second-biggest

electronics retailer, filed for bankruptcy protection Monday.

Light, sweet crude for December delivery rose 1.37

U.S. dollars to settle at 62.41 a barrel on the New York Mercantile Exchange. In

London, December Brent crude rose 1.73 dollars to settle at 59.08 dollars a

barrel on the ICE Futures exchange.