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ECB Plans Rescue for Eurozone, Oil Rallies on Resulting Hopes Posted: 06 Aug 2012 03:21 PM PDT Crude oil rallied today as traders retained their optimism caused by the release of the very good US nonfarm payrolls on Friday. They also hoped that the European Central Bank would initiate its bond-buying plan soon. There was concern that Germany would oppose such move as it has done so many times before. Yet it seems that the German leaders changed their stance and supported the plan, boosting the market sentiment. US stocks rallied today, giving a further boost to the optimistic mood of traders. The Standard & Poor's 500 Index jumped 0.6 percent to the highest level since May 3. Most of the time, crude oil reacts positively to any good news as it did today. September futures for delivery of crude oil rose $0.8 to $92.20 per barrel on NYMEX, reaching the highest price since July 19. Brent crude was up from $91.19 to $92.01 per barrel on ICE today, the highest close since July 20. (...) Read the rest of ECB Plans Rescue for Eurozone, Oil Rallies on Resulting Hopes (12 words) Posted on Commodity blog.

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