Commodity Corner: Equities Rally Propels Oil
Light sweet crude oil for October delivery gained $1.90 Monday to settle at $87.27 a barrel.
After refineries and related infrastructure in the path of Hurricane Irene experienced minimal disruption from the storm, investors focused Monday on rallying equities markets. The Dow Jones Industrial Average gained 2.3 percent while the S&P 500 and Nasdaq rose by 2.8 and 3.3 percent, respectively.
The WTI, which also received a boost from a weaker dollar, traded within a range from $85.11 to $87.62 Monday.
The Brent futures price also finished the day higher, edging upward 52 cents to settle at $111.88 a barrel. The benchmark peaked at $112.67 and bottomed out at $111.06 Monday.
Thanks to predictions of moderating weather and lower demand in the Northeast, natural gas futures lost seven cents to settle at $3.86 per thousand cubic feet. The September contract price fluctuated from $3.83 to $3.93.
Gasoline for September delivery lost two cents to end the day at $2.91 a gallon. The intraday high and low prices for gasoline were $2.95 and $2.88, respectively.