Oil Jumps $3.91 to Settle at $87.66 a Barrel

Bloomberg reported that oil jumped $3.91 to settle at $87.66 a barrel.

As quoted in the market news:

Prices gained 4.7 percent as the European Central Bank is forecast to cut interest rates this week. A state-owned newspaper in China said the time is right to increase liquidity in the banking sector. Iran fired several missiles during a three-day military exercise as the country threatened to block tanker traffic in the Strait of Hormuz.

Click here to read the full Bloomberg report.