By Madalina Iacob / The Wall Street Journal

NEW YORK — Crude futures rose Tuesday, bouncing after days of decline and buoyed by renewed optimism about the pace of the economic recovery.

Light, sweet crude for August delivery traded 42 cents, or 0.7%, higher at $60.11 a barrel on the New York Mercantile Exchange at noon. Brent crude on the ICE futures exchange recently rose 39 cents to $60.08 a barrel.

Crude’s strength followed a day in which the Dow Jones Industrial rose 185 points on hopes of strong quarterly results from banks this week. Goldman Sachs Group Inc. on Tuesday beat expectations and said commodities net revenues in the second quarter topped performance in last year’s second quarter. A top commodities dealer, Goldman said its broader fixed-income, currency and commodities trading segment raked in record revenue of $6.8 billion.

Full Story

This entry was posted on Tuesday, July 14th, 2009 at 12:25 pm and is filed under Oil and Gas, US Oil and Gas, Gas prices. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.