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Oil rises above $90 on expectations for economic stimulus

Benchmark U.S. crude added 63 cents to $90 per barrel in New York.

The Associated Press


NEW YORK  — The price of oil climbed for a fourth day on expectations of more efforts to fix the global economy.

China is planning to pump billions of dollars into housing projects and other infrastructure to support its construction industry. The European Central Bank also hinted that more support could be in the works for Europe's debt-ridden nations, vowing to do "whatever it takes" to preserve the euro.

And the Federal Reserve could still roll out new measures to spark a U.S. economy that grew at an annual rate of just 1.5 percent from April through June.

Benchmark U.S. crude added 74 cents to finish the week at $90.13 per barrel in New York while Brent crude added $1.21 to $106.47 per barrel in London.

Meanwhile, retail gasoline prices were flat at $3.488 per gallon.

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