Crude Oil Rises to a Record on Sustained U.S. Economic Growth

Crude oil rose to a record in New York on speculation demand will rise as reports showed sustained growth in the U.S. economy.

Wages in the U.S. increased at their fastest pace in a year, the Labor Department said on Aug. 5. Oil prices also gained after the U.S. closed its embassy in Saudi Arabia and Iran rejected Europe’s demand to stop enriching uranium, increasing concern about stability in the Middle East, a region which supplies almost a third of the world’s oil.
Bloomberg