Oil Rises but Remains Under $80 a Barrel
Oil rose for a second day but finished below $80 for the ninth straight trading day, as analysts speculated fuel inventories declined last week, Bloomberg reported Tuesday.
Crude futures rose 18 cents to close at $79.08 a barrel on the New York Mercantile Exchange, Bloomberg said.
Futures have closed over $80 just once since Oct. 23, on Nov. 4, and have held between $77 and $80 over the past few weeks.
The Department of Energy will release its weekly report on crude, gasoline and distillate fuel inventories on Wednesday morning in Washington. Distillates include diesel fuel.
Meanwhile, a report by two Barclays Capital analysts said oil could rise to $90 a barrel by the end of the year, Bloomberg reported.
