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CommWatch: Oil Rallies As S&P 500 Breaks Ground

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Nancy Agin
September 20, 2010

U.S. crude oil futures regained upward momentum on the New York Mercantile Exchange Monday as the dollar weakened against a basket of major currencies, global equity markets recovered and the S&P 500 soared to a four-month high on Wall Street.

Riding the coattails of a stellar S&P 500 performance, benchmark crude futures for October delivery rebounded $1.20, or 1.6%, from Friday's negative settlement to close higher at $74.86 per barrel. Additionally, the six-month strip for WTI crude oil gained $1.09 Monday, closing at $78.10 per barrel, or 1.4% higher than ...

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