NEW YORK — Oil prices are rising on hopes that the Federal Reserve will take additional steps to prop up the economy.
Benchmark U.S. crude on Monday added 20 cents at $87.30 per barrel, while Brent crude rose 81 cents to $102.23 per barrel.
The Federal Reserve is considering new steps to boost consumer spending in the U.S., and analysts are betting Fed Chairman Ben Bernanke will discuss those steps when he addresses Congress on Tuesday and Wednesday.
Expectations for new stimulus boosted prices despite a series of downbeat economic reports.
The International Monetary Fund lowered its global growth forecast, and the Commerce Department said retail sales fell in June for a third straight month. Chinese Premier Wen Jiabao also said over the weekend that China's "economic difficulties may continue for some time."
- 7 ways to help your loved one when they've...
- UTA extending service to BYU-USU football game
- Balancing act: Different kinds of guilt...
- Is preschool worth the money?
- 2 Utah companies respond to FDA warning over...
- Consumer confidence continues to climb in Utah
- MountainStar to acquire Cache Valley Hospital
- Microsoft skips Windows 9 to emphasize advances
- Marijuana could deliver more than $800... 13
- 4 things you don't want your boss to know 6
- Is preschool worth the money? 6
- Colorado high court considers pot... 4
- Microsoft skips Windows 9 to emphasize... 4
- How to be a billionaire 4
- Commission to highlight women in Utah... 4
- About Utah: Baltic Avenue just bought... 3