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Crude prices rise again
Source: Agencies |
June 17, 2010, Thursday
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THE surge in oil prices continued yesterday, even after a U.S. government report showed supplies of crude unexpectedly grew last week.
Benchmark crude for July delivery rose 73 cents to settle at US$77.67 a barrel on the New York Mercantile Exchange.
Oil prices fell below US$70 last month amid worries that Europe's debt crisis would derail the global economic recovery and hurt demand for crude.
Although oil prices have recovered, supplies remain well above average. Crude supplies increased by 1.7 million barrels last week, the Energy Department's Energy Information Administration said yesterday. Analysts were looking for a decline of 1.75 million barrels.
Demand remains tepid in the U.S. with the unemployment rate staying stubbornly high. The report did show continued strong growth for refined products used by factories and truckers.
Industrial production has been a key part of the economic recovery with output at the nation's factories, mines and utilities rising 1.2 percent in May, the Federal Reserve said yesterday. That comes after April's 0.7 percent increase.
"Consumers are not doing well, but the industrial economy is doing well," said Mike Lynch, president of Strategic Energy & Economic Research.
In other Nymex trading in July contracts, heating oil rose 4.16 cents to settle at US$2.1101 a gallon, and gasoline gained 2.37 cents to settle at US$2.1452 a gallon. Natural gas lost 21.1 cents to settle at US$4.978 per 1,000 cubic feet.
Brent crude rose US$1.04 to settle at US$78.14 a barrel on the ICE futures exchange.
Benchmark crude for July delivery rose 73 cents to settle at US$77.67 a barrel on the New York Mercantile Exchange.
Oil prices fell below US$70 last month amid worries that Europe's debt crisis would derail the global economic recovery and hurt demand for crude.
Although oil prices have recovered, supplies remain well above average. Crude supplies increased by 1.7 million barrels last week, the Energy Department's Energy Information Administration said yesterday. Analysts were looking for a decline of 1.75 million barrels.
Demand remains tepid in the U.S. with the unemployment rate staying stubbornly high. The report did show continued strong growth for refined products used by factories and truckers.
Industrial production has been a key part of the economic recovery with output at the nation's factories, mines and utilities rising 1.2 percent in May, the Federal Reserve said yesterday. That comes after April's 0.7 percent increase.
"Consumers are not doing well, but the industrial economy is doing well," said Mike Lynch, president of Strategic Energy & Economic Research.
In other Nymex trading in July contracts, heating oil rose 4.16 cents to settle at US$2.1101 a gallon, and gasoline gained 2.37 cents to settle at US$2.1452 a gallon. Natural gas lost 21.1 cents to settle at US$4.978 per 1,000 cubic feet.
Brent crude rose US$1.04 to settle at US$78.14 a barrel on the ICE futures exchange.
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