Oil Rises $1.75 to $90.98 a Barrel

Bloomberg reported that oil rose $1.75 after Moody’s Investors Service’s downgrade of 15 global banks.

As quoted in the market news:

Brent oil for August settlement gained $1.75, or 2 percent, to $90.98 a barrel on the London-based ICE Futures Europe exchange. Earlier the contract touched $88.49, the lowest since Dec. 2, 2010.

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