Oil Rises Above $79 A Barrel

Oil prices rose more than 1 percent and were above $79 a barrel on Monday as stronger company earnings raised optimism about the economy, outweighing weak fundamentals.

U.S. crude for November delivery rose 95 cents to $79.48 by 2:21 EDT (7:21 p.m.). London Brent crude rose 69 cents to $77.68.

"We have been tagging along with equities," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. "It comes down to whether or not the fundamentals underlying the oil market itself can justify holding that level."

Read Full Article from New York Times

- Posted: 2009-10-19 13:52:02

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