NEW YORK ( TheStreet) -- The month of July has already seen a surge in oil prices, with markets trading above $102 per barrel. This is the highest level in more than a year, driven largely by conflicts in Egypt, signs of rising summer demand in the U.S., and by falling supply stockpiles. Since June 24, oil has gained nearly $10, and, at this stage, it is important to consider the potential effects this rally will have on consumer spending, stock values and the economy as a whole. Ultimately, with oil trading at its current levels, this year's rally in stocks meets another point of vulnerability.
Oil Surge to Weigh on Stocks, Consumer Spending
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