Oil Prices Top $65 a Barrel

Oil futures rose Tuesday as strong corporate profits add to investor confidence that the U.S. economy may be in the early stages of recovery.

Light, sweet crude for August delivery traded $1.17, or 1.8%, higher at $65.15 a barrel on the New York Mercantile Exchange. The August crude contract expires today and much of the trading volume is in the September contract, which was recently up 96 cents, or 1.5%, at $66.25 a barrel. Brent crude on the ICE futures exchange was up $1.02, or 1.5%, at $67.46 a barrel.

Crude futures have risen nearly 10% in the last week as major banks like Goldman Sachs Group Inc. and large industrial firms have reported unexpectedly robust earnings. Caterpillar Inc. was the latest to top analysts' expectations with its second-quarter results, with the manufacturer's raised 2009 forecast sending the Dow Jones Industrial Average up 0.8% at 8917 after the opening bell.

Read Full Article from Wall Street Journal

- Posted: 2009-07-21 10:28:10

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