Oil moved above $95 per barrel for the first time in the past three month. Along with the U.S. building permits advanced to a four-year high and equities also rose, sparking talks among market participants that the world economic growth might be finally picking up, which in turn increased the demand for crude. Prices climbed for a third consecutive day after the Commerce Department announced that the building permits rose to 812,000 in July, which is the indicator’s highest reading since August 2008. The Standard & Poor’s 500 Index posted a fresh new high for the period after April. Crude for September delivery advanced $1.27, or 1.3%, to trade at $95.60 a barrel on the New York Mercantile Exchange. At one point, during the session the price climbed to $95.75, which is its highest intraday reading since May 14th. Brent crude for September delivery, which expires today, added 70 cents, or 0.6%, to $116.95 on the London-based ICE Futures Europe exchange. The more actively traded October contract gained 97 cents to trade at $115.28.
