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Oil Prices Continue to Rally
Crude oil futures rose again on Monday amid trader speculation that the market's seven-month decline has ended.
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Crude oil futures rose again on Monday amid trader speculation that the market's seven-month decline has ended.
Prices for the international standard (Brent crude) and U.S. benchmark (West Texas Intermediate) settled on Monday at $55.16 and $48.24 per barrel, respectively. Both prices were above $100 in June.
Analysts say reviving oil prices are being driven primarily by news that 90 U.S. oil rigs were idled last week. The cutback suggests producers are finally preparing to trim output to match market demand.
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