Gains in equities markets push oil prices higher

Crude oil prices gained Monday after last week’s declines after officials in the US and Europe announced more details about plans to help banks in hopes of easing the credit crisis. The gains came even though Goldman Sachs (NYSE: GS) cut its projection for the price of West Texas Intermediate crude from $110 per barrel to $75 per barrel in the fourth quarter, while other analysts also cut price predictions for the fourth quarter and for next year. November contracts for West Texas Intermediate crude added $3.46 to $81.16 per barrel on the New York Mercantile Exchange... [read full story]