Oil prices rises after rate cut

A rate cut by the leading major banks around the world has caused the oil price to rebound back to above 90$,following a drop in prices on investor concerns that the U.S. credit crisis was enveloping the globe and would hurt crude demand.Oil's recent and relative affordability brings a small measure of comfort. Prices have fallen about 40% since peaking near $150 in July.

WaMu largest U.S. bank failure

Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.Washington Mutual, the largest U.S. savings and loan, has been one of the lenders hardest hit by the nation's housing bust and credit crisis, and had already suffered from soaring mortgage losses.