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Mon July 9, 2012
Oil rises slightly to near $85 on stimulus hopes
SINGAPORE (AP) — Oil rose slightly to near $85 a barrel today, clawing back some of a large drop from the previous session amid hope that weak U.S. economic growth may trigger new stimulus measures.
The Labor Department on Friday said the U.S. economy added 80,000 jobs last month, which was fewer than expected and prompted speculation that the U.S. Federal Reserve may implement more monetary stimulus measures known as quantitative easing.
Last week, the European Central Bank and the People's Bank of China both cut lending rates in the bid to boost flagging economic growth.