Oil Rises to One-Month High as Bank of America Boosts Stocks

- October 18th, 2011

Bloomberg reported that crude oil surged to the highest level in more than one month after U.S. stocks rallied as Bank of America Corp. reported better-than-estimated results.

Bloomberg reported that crude oil surged to the highest level in more than one month after U.S. stocks rallied as Bank of America Corp. reported better-than-estimated results.

As quoted in the market news:

Bank of America swung to a third-quarter profit on higher revenue, better credit quality and one-time gains. Shares jumped as much as 7.6 percent in New York trading.

“We continue to track the equity market,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The question is how the U.S. economy is going to play out in the next few months.”

Click here to read the full Bloomberg report

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