Oil rises on China rescue plan, Saudi cuts

By Edward McAllister NEW YORK (Reuters) - Oil prices rose on Monday as Saudi Arabia's move to cut supplies and China's launch of a $600 billion economic stimulus plan aided market volatility. Concerns about an economic recession had earlier pushed prices down, as General Motors shares slumped, Fannie Mae recorded a record $29 billion loss and the United States pledged further support for struggling insurer AIG. U.S. crude rebounded from earlier lows to rise $1.45 to $62.49 a barrel by 2… More information...

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