Oil prices were higher again today, rising to three months as tighter supplies and bullish trends from China lifted sentiment. Contracts remain in backwardation. “The market is getting more concerned about the trend of tightening oil supplies, and it’s becoming more obvious to the naysayers that the expected drop-off in demand isn’t happening,” Price Futures Group analyst Phil Flynn said. In the United States, business activity slowed to a five-month low in July, a closely watched survey showed. But falling input prices and slower hiring indicate the Federal Reserve could be making progress in its bid to reduce inflation. Markets anticipate 25-basis-point rate hikes from both the Fed and the European Central Bank this week. WTI traded up $.89 to close at $79.63. Brent traded up $.90 to close at $83.64