MW: Oil trades near $87 as spending data lures buyers
By Laura Mandaro
SAN FRANCISCO (MarketWatch) -- Oil futures rallied Monday alongside U.S. stocks after U.S. government data showed a jump in personal spending last month while pending home sales slipped. Oil for October delivery CL1V +1.85% was up $1.50, or 1.8%, to $86.84 barrel. It had traded modestly higher in Asian and European trading and then made a sharper move higher, topping $87, after the Commerce Department said personal spending in July rose 0.8%, better than forecast. Equities opened with strong gains and stayed near session highs after the National Association of Realtors said its index of pending home sales fell 1.3% in July. Trading volumes were expected to be light with London markets closed and New York-area transportation slowed after Hurricane Irene.
