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Oil rises above $94 for 1st time since May

August 8, 2012

Oil rose above $94 per barrel for the first time since May on Tuesday, buoyed by hopes for economic stimulus and worries about supply disruptions

Traders waited to see if a tropical storm could affect some of Mexico's crude production. There were also concerns about supplies from the Middle East after two pipelines carrying Iraqi crude to world markets were shut down, while rebels continued to battle government forces in Syria's largest city.

Oil prices also benefited from expectations that Europe, the U.S. and China will take fresh steps to promote economic growth, thereby boosting demand for oil. A rally in global stock markets also persuaded investors to buy riskier assets like commodities.

Meanwhile, analysts expect drivers on the West Coast of the U.S. to soon pay more for gas after a fire shut Chevron Corp.'s big Richmond refinery.



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