Oil Prices Rise Above $79
The oil prices now rose to $ 79 per barrel in Asia. Benchmark crude for September delivery was up 30 cents at $79.28 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 32 cents to settle the price of oil at $78.98 on Friday. Most Asian stock markets rose Monday, taking heart from a 3-percent rally in the Dow Jones industrial average over the final two trading sessions of last week. Oil traders often look to equities as a guidepost of overall investor sentiment. Moreover according to the oil news, Bonnie, a tropical storm on Friday is supposed to substantially affect the crude oil industry as the storm caused companies to evacuate offshore rig workers and temporarily shut down some crude production.