As of Tuesday, not only was the stock market rising, but the price of U.S. oil was up as well, nearly 1 percent. The Benchmark of U.S. oil for February delivery has risen 79 cents, closing in at $92.59 a barrel in New York. Global crude slipped due to the rising of supplies from Libya, the North Sea and Iran.
The U.S. stock market unexpectedly rose 0.9 percent as a result of higher retail sales. This could lead to a demand in fuel which has been rising in the United States in recent months, continuing to grow. The price of U.S. oil has steadily decreased since the start of the New Year. Global supplies could still be on the rise, leading to lower prices for international crude as well.
