Oil Prices Rising for 2nd Straight Day

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Oil Prices Rising for 2nd Straight Day

US benchmark oil prices are rising for a second consecutive session, climbing 2% to $98.60 a barrel. Peter Cardillo at Spartan Capital says in an email that crude’s gains are mainly due to supply fears resurfacing, but also says a huge rally in natural gas prices may be boosting energy commodities in general. For today, investors will be watching for a weekly report from trade group API on US oil inventories. API’s results often come close to mirroring the official EIA data released Wednesday mornings.