NEW YORK (MarketWatch) — Oil futures on Monday edged higher amid
expectations of increased demand for fuel. “A rise in Middle East
tensions may also have added support to oil, after Iran showed off four
new domestically made small submarines on Sunday that Tehran said would
bolster its defense capability,” noted analysts at Action Econmics. The
contract for September delivery rose 81 cents to $81.50 a barrel in
electronic trade on the New York Mercantile Exchange.