Oil Gains for Third Day Straight

- August 23rd, 2012

Reuters reported that oil prices rose for the third day in a row after the minutes from the US Federal Reserve’s latest meeting indicated that it will likely act soon to provide stimulus if the economy does not take a turn for the better.

Reuters reported that oil prices rose for the third day in a row after the minutes from the US Federal Reserve’s latest meeting indicated that it will likely act soon to provide stimulus if the economy does not take a turn for the better.

As quoted in the market news:

Brent October crude rose $1.21 to $116.12 a barrel at 11:53 a.m. EDT (1553 GMT), having reached $116.38.

Brent has recovered from a low of $88.49 posted on June 22 after retreating from the 2012 peak at $128.40 hit on March 1.

U.S. October crude was up 43 cents at $97.69 a barrel, after reaching $98.29, highest since early May.

Click here to read the full Reuters report.

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