oil linked to stocks
Oil turned sharply higher yesterday. The rally took prices to a three-week high. September light crude closed at $67.16, up $1.76. Better housing news helped the prices along. Higher global stocks helped too, since this is a signal that energy demand most likely will pick up. The Energy Information Administration reported crude inventories decreased 1.8 million barrels in the week ended July 17.
The dollar fell to an over 7 week low against the euro.
Occidental Petroleum reported their biggest find of oil and gas in Kern County California.
