NEW YORK (AP) - The price of oil resumed its upward climb Tuesday, spurred by gains on Wall Street and speculation that the U.S. Federal Reserve might take action to spark the sluggish recovery.
Benchmark crude reached its highest point since early May, adding $1.33 to hit $97.30 in trading on the New York Mercantile Exchange. The contract lost 4 cents Monday after rising for four straight days.
Brent crude, which is used to price international varieties of oil, jumped $1.50 to $115.20 per barrel in London.
Key U.S. stock indexes rose above four-year closing highs Tuesday morning. Traders also awaited the Wednesday release of minutes from the previous Fed meeting for signs that it might lower interest rates.
Lower rates tend to drive oil prices because they steer investors away from less-risky investments.