Oil Rises in Advance of Fuel-Price Report
Oil rose early Monday from its lowest level in six weeks after publicly traded Chinese companies reported better-than-expected earnings, Bloomberg reported.
Crude futures rose almost $1 in early trading from Friday’s $73.46 per-barrel closing price on the New York Mercantile Exchange, which had been the lowest since early July.
The price gain followed reports that Chinese machinery companies reported higher first-half profits that analysts had expected, Bloomberg reported.
Retail fuel pump prices rose in late July and early August when oil topped $80 a barrel, but crude has not closed above that level since Aug. 10.
The Department of Energy will release its next weekly survey of retail diesel and gasoline prices Monday afternoon in Washington.
