Oil Prices Back on The Rise

New York, NY, July 20, 2009--Oil prices were headed back toward $65 a barrel Monday as strong second quarter company results helped boost investor optimism and stock market gains in Asia and Europe helped lift oil prices.

A weaker U.S. dollar boosted oil as well.

By midday in Europe, benchmark crude for August delivery was up $1.07 to $64.63 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract jumped $1.54 to settle at $63.56.

Better than expected earnings last week from Goldman Sachs Group Inc., Intel Corp. and JPMorgan Chase & Co. eased some investor doubts about the chances of a U.S. economic recovery this year.

Oil has bounced from $58.78 a barrel last week after falling from an eight-month high of $73.23 on June 30.