Oil Prices Soar to Five-Month High

Updated

Oil prices soared Tuesday, reaching their highest point in five months. U.S. crude for November delivery increased almost 2% to close at $82.82 a barrel Tuesday, and at one point touched $82.99 per barrel, the highest intraday price since May 4, according to aReuters article.

The reasons? A weakening dollar made oil relatively cheaper for overseas purchasers, increasing foreign demand, while the Bank of Japan's decision to cut its interest rate to 0% to spur the Japanese economy also helped push petroleum prices up, Reuters reported. A strike by French workers and a Sunday barge crash, which shut down a Texas shipping route, also boosted crude-oil prices, Reuters said. The Houston Ship Channel was initially expected to reopen Tuesday, but the U.S. Coast Guard now expects it to remain closed until Wednesday.

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