Oil, Gasoline Surge as Second Quarter U.S. GDP Tops Projections

Crude oil rose to a one month high and gasoline surged after a report that the U.S. gross domestic product shrank less than estimated bolstered speculation that the economy is recovering from the recession. Oil climbed 3.7 percent after the Commerce Department said that GDP fell at a 1 percent annual pace during the April through June period. The U.S. economy was forecast to shrink at a 1.5 percent pace, according to the median estimate of 78 economists surveyed by Bloomberg News. Prices also gained because of a drop in the dollar against the euro.....Complete Story

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Crude Oil Rises More Than $1 After U.S. Housing Starts Climb

Crude oil rose more than $1 a barrel as construction of single family dwellings jumped by the most since 2004, a sign the worst of the recession may have passed. Oil increased after the Commerce Department reported that construction of single family homes climbed 14 percent in June. The report also showed that total housing starts rose to the highest since November. Futures tumbled to $32.40 a barrel in December, a four year low, as the economic contraction curbed demand, allowing stockpiles to grow.....Complete Story

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