Oil up more than 3 percent on signs of growth in US and Asia, as stock markets rise
Monday, October 24, 2011
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Oil is up more than 3 percent on signs of economic growth in the U.S. and Asia.
Benchmark crude rose $2.84, or 3.3 percent, to $90.24 per barrel in New York. Prices haven’t been above $90 per barrel in more than a month. Brent crude rose $1.08 to $110.64 in London.
Prices rose as a string of acquisitions and a better profit forecast from Caterpillar sparked a rally on Wall Street. Major stock indexes were up 1 percent or more.
And HSBC said that China’s manufacturing sector continues to expand. Japan said exports rose 2.4 percent last month as its economy recovers from the devastating earthquake and tsunami in March.
Gasoline pump prices fell less than a penny on Monday to a national average of $3.451 per gallon.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Source : washingtonpost.com
Benchmark crude rose $2.84, or 3.3 percent, to $90.24 per barrel in New York. Prices haven’t been above $90 per barrel in more than a month. Brent crude rose $1.08 to $110.64 in London.
Prices rose as a string of acquisitions and a better profit forecast from Caterpillar sparked a rally on Wall Street. Major stock indexes were up 1 percent or more.
And HSBC said that China’s manufacturing sector continues to expand. Japan said exports rose 2.4 percent last month as its economy recovers from the devastating earthquake and tsunami in March.
Gasoline pump prices fell less than a penny on Monday to a national average of $3.451 per gallon.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Source : washingtonpost.com
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