Oil rose for a second consecutive session, as U.S. equities advanced on several companies announcing better-than-expected earnings. The German government deciding to back up the ECB’s bond-buying plan, sparking a new wave of optimism among market participants. Oil was trading lower in the early hours of the session, but it erased losses after the Standard & Poor’s 500 Index posted a fresh new three-month high. Crude declined earlier as Tropical Storm Ernesto moved away from the oil rigs in the Gulf of Mexico. Oil for September delivery rose by 44 cents, or 0.5%, to $91.84 a barrel. It climbed 4.9% on Aug. 3, which is the crude’s biggest single-day advance since June 29th and now oil is standing at its highest price since July 20. Overall prices are 7.1% lower for the year-to-date period. Brent crude for September settlement climbed by 10 cents to $109.04 a barrel, on the London-based ICE Futures Europe exchange.
