PRESIDENT&CEO Magazine: US Oil May Retest $100 as 'Stimulus Drums' Beat Louder: Survey

US Oil May Retest $100 as 'Stimulus Drums' Beat Louder: Survey
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cnbc.com on 07/30/2012 05:17:00

Oil prices will likely gain this week on expectations that the U.S. Federal
Reserve may announce additional stimulus to help boost an anemic recovery in the
world's largest economy while markets are looking towards the European Central
Bank to suppress unsustainably high sovereign borrowing costs in Spain and
Italy, according to CNBC's weekly survey of oil market sentiment.

The risk-on rally in global financial markets  started on Thursday after ECB
President Mario Draghi vowed that "within  our mandate, the ECB is ready to do
whatever it takes to preserve the  euro," adding "believe me, it will be
enough."
Commodities  rose the most in over a week on Friday but growing hopes for
further  global stimulus came too late to prevent the sector's first weekly 
decline in over a month, Reuters reported. Oil rose for a fourth day,  gold
neared its highest since early May and copper rose more than 1  percent. U.S.
stocks climbed 2 percent.
Brent September crude [LCOCV1   106.03         -0.44   (-0.41%)] rose $1.21 to
settle at $106.47 a barrel on Friday but recorded a 36-cent loss for the week
after four straight weekly gains.
Front-month  crude-oil futures at the New York Mercantile Exchange settled at
$90.13  a barrel on Friday, up 74 cents, or 0.8 percent.
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