Oil Prices Approach $92
NEW YORK ( TheStreet) -- Crude oil rose close to $92 Monday, rising 20 cents to $91.88, despite China's central bank raising interest rates over the weekend.
On Thursday, benchmark oil for February rose $1.03 to settle at $91.51, the highest level since October 2008. Oil markets were closed Friday for the Christmas holiday.
China's rate rise, a move to stop rising inflation, could weaken demand for crude.
Some OPEC ministers over the weekend said the group would likely not meet until June to discuss production quota policy, the Associated Press reports. OPEC left quotas unchanged at a meeting earlier this month.-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV