Oil rose to $102 a barrel as part of broader rallies on global markets on Wednesday due to hopes that a revamped U.S. financial rescue package will be passed, Reuters reported. The U.S. Senate will vote on Wednesday night on a new version of the $700 billion bailout package for Wall Street, rekindling hopes that the credit crisis can be stemmed before claiming yet more banks and causing further damage to the global economy. U.S. crude was trading $1.36 higher at $102.00 a barrel by 0926 GMT, after climbing as high as $102.84. London Brent crude rose $1.23 to $99.40. On Tuesday, U.S. crude settled $4.27 higher at $100.64, rebounding from Monday's sharp $10 loss that was in reaction to the rejection of the original rescue plan by the U.S. House of Representatives.
