CNBC reported that speculation that the US Federal Reserve will move to spur economic recovery and anticipation of positive news from Eurozone debt crisis meetings prompted oil to climb to its highest price in three months.
As quoted in the market news:
Benchmark crude finished up 71 cents at $96.68 in New York. Earlier, it crossed $97 for the first time since May 11. It lost 4 cents Monday after rising for four straight days.
Brent crude, which is used to price international varieties of oil, rose 94 cents to $114.64 per barrel in London.
Both contracts pared gains slightly Tuesday afternoon, around the same time that U.S. stock indexes slipped into negative territory.