Oil prices, which fell sharply last year, have gained 15% in 2009

Crude oil's price has risen back above $50 a barrel for the first time in ten weeks, pushed higher by a weaker dollar and hopes of an economic upturn.

US light crude gained rose to $52.25 before closing at $51.61 a barrel in New York trading.

Oil has gained more than 15% since the start of the year.

Oil gained after the US Federal Reserve announced a plan to buy $1.2tn (£843bn) of debt to boost its economy, which in turn may stoke oil demand.

In London, Brent oil gained by $3.01to $50.67.

The Fed's plan to buy up to $300bn worth of government debt as well as $750bn of mortgage-backed securities sent the dollar lower against all major currencies, as investors were concerned about the increase in the money supply.

Oil prices, which fell sharply last year, have gained 15% in 2009

Crude oil's price has risen back above $50 a barrel for the first time in ten weeks, pushed higher by a weaker dollar and hopes of an economic upturn.

US light crude gained rose to $52.25 before closing at $51.61 a barrel in New York trading.

Oil has gained more than 15% since the start of the year.

Oil gained after the US Federal Reserve announced a plan to buy $1.2tn (£843bn) of debt to boost its economy, which in turn may stoke oil demand.

In London, Brent oil gained by $3.01to $50.67.

The Fed's plan to buy up to $300bn worth of government debt as well as $750bn of mortgage-backed securities sent the dollar lower against all major currencies, as investors were concerned about the increase in the money supply.

National debt has increased steeply since the rescue of Northern Rock

Government debt rose to £750.3bn in 2008, more than half of gross domestic product (GDP), according to the Office for National Statistics (ONS).

The ONS data also showed that the government's deficit, as defined by the EU's Maastricht Treaty, more than doubled to £78bn from £36.7bn.

It means that government net borrowing is the equivalent of 5.4% of GDP.

The Maastricht Treaty specifies that deficits should not exceed 3% of GDP and debt should not exceed 60% of GDP.

Last week, the European Commission set deadlines for five countries, including the UK, to rein in their budget deficits.

The UK was given until 2013-14 to reduce its deficit to meet the 3% target.

The debt figure includes the government's rescue of Northern Rock, which was nationalised in February 2008.

It does not include subsequent bank bail-outs or treasury bills provided to the Bank of England for use in the Special Liquidity Scheme since April 2008.

Gordon Brown hails special relationship

Gordon Brown has urged the US to renew the "special relationship for our generation" in a speech to Congress

Mr Brown, the fifth UK prime minister in history to address both houses on Capitol Hill, urged the US and UK to push for "essential" economic changes.

Neither nation should "succumb" to protectionism "which protects no-one", but "seize the moment", he said.

Mr Brown also announced that veteran Senator Edward Kennedy would receive an honorary UK knighthood.

The prime minister paid tribute to the work of US troops in Afghanistan and said terrorists could "not ever destroy the American spirit".

The partnership between the UK and the US is "unbreakable" and that "no power on earth can ever draw us apart", he also said.

'Standards'

The speech began and ended to standing ovations and was frequently interrupted for applause - with 17 such pauses counted.

Mr Brown called for agreed "rules and standards for accountability, transparency and reward" in banking.

There is no old Europe, no new Europe. There is only your friend Europe Gordon Brown

On the recession, he said: "America and a few countries cannot be expected to bear the burden of the fiscal and interest rate stimulus alone. We must share it globally.

"So let us work together for the worldwide reduction of interest rates and a scale of stimulus round the world equal to the depth of the recession and the dimensions of the recovery we must make."

Mr Brown added: "An economic hurricane has swept the world, creating a crisis of credit and of confidence.

"History has brought us now to a point where change is essential. We are summoned not just to manage our times but to transform them."

In addressing Congress, Mr Brown follows in the footsteps of Winston Churchill, Clement Attlee, Margaret Thatcher and Tony Blair.

'Pro-American'

He said: "Now more than ever the rest of the world wants to work with you...

"And let me say that you now have the most pro-American European leadership in living memory. A leadership that wants to cooperate more closely together, in order to cooperate more closely with you.

"There is no old Europe, no new Europe. There is only your friend Europe.

Gordon Brown seemed to offer a lot of warm words but very few hard plans to fight the recession Vince Cable, Lib Dems

"So once again I say we should seize the moment - because never before have I seen a world willing to come together so much. Never before has that been more needed."

Announcing the honorary knighthood for Edward Kennedy, Mr Brown said that "Northern Ireland is today at peace, more Americans have healthcare, more children around the world are going to school" because of the long-serving Democratic senator.

The world owed "a great debt to [his] life and courage", he added.

Senator Kennedy, who is being treated for a brain tumour, was unable to attend Congress.

BBC political editor Nick Robinson said US President Barack Obama had telephoned Mr Brown during his flight back to the UK to congratulate him on his speech.

But he said the US administration had "only just begun to engage with the ideas that are coming from Gordon Brown, let alone agree to them".

Conservative Party acting leader William Hague said: "It is right [of Mr Brown] to remind Americans that we need to work together against protectionism, in defeating terrorism and in combating climate change.

"What was missing was any sense of contrition for past mistakes and an ability to translate words into action."

Liberal Democrat Treasury spokesman Vince Cable said: "Gordon Brown seemed to offer a lot of warm words but very few hard plans to fight the recession which has engulfed the world economy and his government.

"Rather than trying to shore up his reputation in America, he should be focusing his attention on fixing the mess we face back home."

'Common interest'

After Mr Brown's meeting with Mr Obama on Tuesday, the US president said the "special relationship" between the countries would "only grow stronger".

After about an hour of talks at the White House, Mr Brown and Mr Obama said they agreed that improvements were needed to the regulation of the global banking system.

Mr Obama warned that countries should not "project inwards" by encouraging protectionism during the economic crisis.

Mr Brown said the two countries were pursuing a "common interest" in a "global new deal".

The prime minister's US visit comes ahead of a summit of the Group of 20 (G20) developed and emerging economies in London on 2 April.

The EU and Canada have warned that a "buy American" clause in the US economic recovery package could promote protectionism.

US crude stocks fell by 700,000 barrels for the last week of February

Oil prices have risen nearly 9% after the US government reported an unexpected drop in crude stocks and an increase in demand for petrol.

Prices were also supported by a rise in China's manufacturing index. China is the second biggest oil consumer.

US light crude rose by $3.73 to $45.38. Brent crude added $2.42 to $46.12.

US crude stocks fell by 700,000 barrels for the last week of February, while demand for petrol over the past four weeks was up 2.2% from a year ago.

"Overall the [US oil inventory] numbers are very bullish... again, gasoline remains the one bright spot in the market that can really pull the complex higher," said Chris Jarvis at Caprock Risk Management.

Oil prices won't move higher without some signs that the economic malaise has bottomed out Tom Kloza Oil Price Information Service

"Couple that with the composite of economic news out of China overnight and this is really setting the stage for the energy complex ... to move higher if the equities markets can maintain themselves."

Stock markets around the world have been rising on Wednesday on hopes China will announce an expansion to its economic stimulus plan.

However, Tom Kloza at Oil Price Information Service said that crude inventories had been bloated for months, and "oil prices won't move higher without some signs that the economic malaise has bottomed out".

The Fed called the prospects for near-term economic improvement "poor"

US economic conditions got worse in January and February, the Federal Reserve has said in its influential Beige Book.

The report, which is used to help determine US interest rates, also said that improvement was not expected before late 2009 or early 2010.

"The deterioration was broad-based, with only a few sectors... appearing to be exceptions," it said.

The bank said housing markets remained "in the doldrums" in most US regions.

The report, based on information collected before 23 February, will be used at the forthcoming meeting of Federal Reserve policymakers in two weeks.

'Steep declines'

"Consumer spending remained sluggish on net, although many districts noted some improvement in January and February compared with a dismal holiday spending season," the Beige Book said.

In manufacturing, reports from most areas "suggested steep declines in activity in some sectors and pronounced declines overall".

"Reports from banks and other financial institutions indicated further drops in business loan demand, a slight deterioration in credit quality for businesses and households, and continued tight credit availability," the Federal Reserve said.

It was reported last week that the US economy had shrunk at an annual rate of 6.2% in the last three months of 2008 official figures show, a far sharper fall than previously reported.

On Tuesday Federal Reserve chairman Ben Bernanke warned of stagnation if the US authorities do not move "aggressively" to stimulate the economy.

Mr Chavez has accused rice producers of sidestepping quotas

Venezuelan President Hugo Chavez has ordered the expropriation of a rice mill, amid a battle with food companies over price regulation.

Mr Chavez said the mill, owned by a subsidiary of US food giant Cargill, was not distributing rice at government-set prices.

He also threatened to nationalise the country's largest food processor and private company, Polar.

Venezuela has already set quotas and prices for 12 basic foods.

Under the measure, 80% of all rice produced must be basic white rice. The measure also includes 95% of all cooking oil, coffee and sugar.

Producers of items such as powdered milk, cheese and tomato sauce are also affected.

'Intolerable'

Last week President Chavez ordered troops to rice processing plants after accusing producers of sidestepping the law on controlled prices by producing a higher grade of rice.

Cargill, which operates one rice-processing plant in Venezuela, said the mill does not produce the plain rice that is under regulation.

"Prepare the decree, we are going to expropriate Cargill. We are not going to tolerate this," Mr Chavez said.

Mr Chavez is attempting to reduce the cost of the basic shopping basket of ordinary Venezuelans, says the BBC's Will Grant in Caracas.