Oil Surges $2.57 to $102.34 a Barrel

Business Week reported that oil surged $2.57 to $102.34 a barrel after China reduced interest rates for the second time.

As quoted in the market news:

Brent oil for August settlement rallied as much as $2.57 to $102.34 a barrel, its highest price since June 7 on the London- based ICE Futures Europe exchange. It was at $101.37 at 1:09 p.m. local time. The European benchmark’s premium to the U.S. benchmark, West Texas Intermediate, rose to $13.14 from $12.11 yesterday.

Click here to read the full Business Week report.