Oil prices have resumed their upward march, with London-traded Brent steady above $118 and NYMEX-traded WTI at 104.46 as of this writing. Analysts attribute the retracement, in part to a cautiously improved global growth outlook from the IMF. According to the IMF report, its revised outlook is based on a steadily recovering U.S. economy and a reassessment of the Eurozone’s recession which they have downgraded. Read more
