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September oil futures traded at $79.12 per barrel, up $2.56 (as of 14:40 EDT). Brent crude was up $2.24 per barrel at $77.61.The reasons for the jump were varied. Some cited the possibility of another storm in the Gulf, others cited the fact that oil has been holding above its 200 day moving average. Stocks and commodities trade and then we write about the reasons for the prices changes. One big mover was the US dollar. It took a hit. The September contract traded 82.975, down .798. When the dollar goes down, buying oil gets cheaper.
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