Crude prices rose above US$98 per barrel on Thursday, with oil markets being driven by hopes that the Federal Reserve is leaning toward action to help the US economy's stalled recovery, as per economictimes.com. Benchmark crude for October delivery rose to US$98 per barrel in electronic trading on the Nymex, while Brent crude rose by over a dollar to US$115.9 on the ICE Futures exchange in London.
Since the beginning of the month, oil prices have risen by eight dollars, partly on hopes that the U.S., Europe and China would do more to increase growth in their respective economies. Slower growth cuts into the demand for oil and other energy products.
24-Aug-12 
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