Oil rises to $38

Oil prices crept above $38 a barrel Wednesday in Asia as a new U.S. bank rescue plan failed to convince investors in crude and equities that the government can revive an ailing financial system.
Light, sweet crude for March delivery rose 47 cents to $38.02 a barrel by late afternoon in Singapore on the New York Mercantile Exchange. The contract fell $2.01 overnight to settle at $37.55.