Oil Prices On Rise

Oil prices rose sharply Monday in New York, boosted by buoyant equity markets. Wall Street has indeed been boosted during the day by publishing an indicator of consumption in the United States that the current level was satisfactory. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for delivery in October had concluded the day at 87.27 dollars, up 1.90 dollars from Friday.

Markets remain driven by the president's speech to the U.S. central bank (Fed), Ben Bernanke delivered Friday that may foreshadow the development of new stimulus measures in the monetary policy meeting in September in which the duration was extended. The glow of optimism in the markets is observed following the announcement of a stronger than expected rebound in consumer spending of households, which rose 0.8% in July.

Also note that at present, the impact of Hurricane Irene in oil markets remains weak, no crude oil production being listed in the affected areas and no major disruption in supplies being to report.