Oil Rises to Nearly $87 a Barrel

Oil rose to nearly $87 a barrel in early trading Monday, following a report that consumer spending increased more than forecast, Bloomberg reported.

Crude futures rose about $1.55 to $86.92 a barrel in pre-market New York Mercantile Exchange trading, from Friday’s $85.37 closing price, Bloomberg said.

East Coast oil refineries were operating at or near normal levels in the aftermath of Hurricane Irene, Bloomberg reported.

The Department of Energy will release its weekly survey of diesel and gasoline pump prices Monday afternoon in Washington.