Oil prices rebounded amid upbeat reports about...

Oil prices rebounded amid upbeat reports about the proposed cease-fire in the Persian Gulf and the possibility for a meeting of key OPEC members. The August contract for West Texas Intermediate, the benchmark U.S. crude, settled up 43 cents at $15.66 per 42-gallon barrel. The market moved up strongly in response to reports that the United Nations would send a negotiating team to Iran and Iraq to nail down the details of the cease-fire.