Global tensions, Gustav fuel oil rally

August 27, 2008

A three-day rally in oil has been fueled by rising tensions between the West and Russia...and to a greater degree - Gustav. On Wall Street, an encouraging economic signal pushed the Dow up 89 points to 11,502. The S&P 500 rose 10 points to 1,281. The Nasdaq jumped 20 points to 2,382. Crude prices rallied $1.88 to settle at $118.15 a barrel. Speaker: Raymond Carbone, president, Paramount Options Conway Gittens reports from New York.