Crude futures rallied Monday to a high of $130 a barrel -- their highest intraday level in two months -- buoyed by a steep drop in the U.S. dollar and speculation that the Bush administration's proposal to stabilize the financial sector might help revive economic growth.
The October contract expired on Nymex at the end of trading Monday, a factor that increased volatility.
November crude, the new front-month contract, was up $6.62 on Nymex, closing at $109.37.
Source:Marketwatch
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Tomorrow's action will be key for oil. We are sitting at massive resistance and need to see if Oil has the power to break out of it.
FOMC Projections
4 hours ago
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