JAKARTA. The price of oil rose Monday after disappointing U.S. housing figures led to speculation that the U.S. Federal Reserve might take a very gradual approach toward winding down its economic stimulus. Benchmark oil for October delivery was up 50 cents to $106.92 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained $1.39, or 1.4 percent, to close at $106.42 on Friday. Oil rose after the U.S. government said that Americans cut back sharply in July on purchases of new homes, a sign that higher mortgage rates may weigh on the housing recovery.
Oil price climbs to near $107
JAKARTA. The price of oil rose Monday after disappointing U.S. housing figures led to speculation that the U.S. Federal Reserve might take a very gradual approach toward winding down its economic stimulus. Benchmark oil for October delivery was up 50 cents to $106.92 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained $1.39, or 1.4 percent, to close at $106.42 on Friday. Oil rose after the U.S. government said that Americans cut back sharply in July on purchases of new homes, a sign that higher mortgage rates may weigh on the housing recovery.