Oil gusher

The price of oil, which soared $1.21 to $98.99 yesterday, is flirting with $100 per barrel for the first time since the summer on optimism of increased demand as fears fade that Europe’s debt crisis will trigger another recession.

Stressors

The Fed will conduct a fourth round of stress tests to determine if US banks can withstand a recession, Vice Chairman Janet Yellen said.

Dillard’s flop

Dillard’s quarterly net income rose 85 percent on a 5 percent jump in same-store sales, but shares fell 13 percent as the store chain reported a lower retail gross margin than analysts expected.

ExitCredit

UniCredit, Italy’s biggest bank, is close to exiting research, sales and trading for western European equities as part of its plan to revive profitability.

Black day

Clarity Media Group is selling the San Francisco Examiner to a consortium led by Canada-based Black (no relation to Conrad) Press Group, which publishes more than 170 newspapers in North America.