Oil rose above $107 per barrel today, caused by the U.S. rescue plan for its financial sector. According to a recent release by Upstreamonline, "sweeping government measures to rescue the financial system and restore confidence in shaky markets spurred a huge relief rally across markets on Friday, when oil rose almost 7% to cap its biggest three-day rally in a decade." U.S. crude rose $3.18 to $107.73 per barrel as worries about the workings of the financial sector bailout plan abound. "I think oil is still following the financial markets. After the rescue package on Friday, the outlook is more optimistic," says Simon Wardell, analyst for Global Insight in London to Reuters. Oil prices fell from a record $147 per barrel in mid-July as, last week, turmoil in the financial sector helped push oil to a seven-month low of $90.51 per barrel. Another price driver is China, which increased crude imports by 11.54% in August compared with a year earlier. "The Chinese import news is a sign of recovery, and a good indication that oil prices could get back up again," says Christopher Bellew of Bache Financial. Meanwhile, some industry sources say Saudi Arabia has trimmed oil supplies to international majors and U.S. refiners since the start of September. "However, oil's rise today was limited by news that Nigeria's main militant group had begun a unilateral ceasefire on Sunday after a week of clashes with the military and attacks on oil installations which cut output in Africa's top producer," reports Upstreamonline.