Yesterday, crude oil prices in New York jumped above the $100 a barrel mark for the first time since July and kept moving higher.
Traders are betting a pipeline that will bring more oil to the gulf will push prices even higher. That rise in U.S. prices is in contrast to falling prices in Europe, where demand concerns are in focus amid signs of an economic slowdown.
Discount retailer, Target, saw a much bigger-than-expected jump in profits last quarter and is raising hopes that the current quarter will also exceed forecasts.
So who’s winning the competitive race between Target and main rival, Wal-Mart? Store traffic in the past three months was up at Target, but down at Wal-Mart.
In economic news, consumer prices fell in October in the first drop in four months. Meanwhile, industrial production rose more than expected last month.
The data, which shows the biggest jump since July, provided another sign that the economy is improving.
Bottom line: NYMEX crude touches $102, but Brent crude falls. Target beat forecast and gives upbeat outlook; and consumer prices fell and industrial production expanded in October.