For the first time in nearly two months, WTI crude surged above $90. It is still well short of the $100 level where it traded in early spring.
Although some of the events that pushed oil above $100 — particularly concern about Iran closing the key crude transportation route through the Strait of Hormuz — are gone, there is a belief that governments and central banks in China and the United States will act to spur economic expansion.
A weak dollar and continuing increase in stock market prices also have been factors in the rise. August futures for the light, sweet grade of crude oil traded on the New York Mercantile Exchange climbed 78 cents, or 0.9%, to $90.65 in electronic trading.
Douglas A. McIntyre
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