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Energy prices settle higher
Source: Agencies |
February 11, 2010, Thursday
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Online Edition
Online Edition
OIL and other energy prices rose yesterday following the stock market, which recovered from morning losses on word that European nations will help keep Greece from going bankrupt.
Benchmark crude for March delivery rose 77 cents to settle at US$74.52 on the New York Mercantile Exchange. Earlier in the day crude prices fell after Federal Reserve Chairman Ben Bernanke mapped out a plan for gradually unwinding government stimulus money when the economy recovers. That boosted the dollar and sent crude prices down. A stronger dollar makes crude more expensive for investors holding other currencies.
In London, Brent crude climbed 41 cents to settle at US$72.54 on the ICE futures exchange.
In its short-term energy outlook released yesterday, The Energy Information Administration said oil prices will strengthen in the spring, with benchmark prices rising to about US$81 per barrel over the second half of the year and to US$84 per barrel in 2011. It predicted a rise in the average retail gasoline price to US$2.84 per gallon in 2010 from US$2.35 per gallon in 2009, adding that pump prices may exceed US$3 per gallon in the spring and summer.
Meanwhile, the Organization of Petroleum Exporting Countries left its global forecast for oil demand growth unchanged. It expects demand to increase by about 800,000 barrels a day this year, with daily consumption averaging 85.1 million barrels.
In other Nymex trading in March contracts, heating oil rose 0.96 cents to settle at US$1.9469 a gallon, and natural gas was up 0.2 cent, settling at US$5.292 per 1,000 cubic feet.
Gasoline prices ticked up in trading on the New York Mercantile Exchange, but closed flat at US$1.929 a gallon.
Benchmark crude for March delivery rose 77 cents to settle at US$74.52 on the New York Mercantile Exchange. Earlier in the day crude prices fell after Federal Reserve Chairman Ben Bernanke mapped out a plan for gradually unwinding government stimulus money when the economy recovers. That boosted the dollar and sent crude prices down. A stronger dollar makes crude more expensive for investors holding other currencies.
In London, Brent crude climbed 41 cents to settle at US$72.54 on the ICE futures exchange.
In its short-term energy outlook released yesterday, The Energy Information Administration said oil prices will strengthen in the spring, with benchmark prices rising to about US$81 per barrel over the second half of the year and to US$84 per barrel in 2011. It predicted a rise in the average retail gasoline price to US$2.84 per gallon in 2010 from US$2.35 per gallon in 2009, adding that pump prices may exceed US$3 per gallon in the spring and summer.
Meanwhile, the Organization of Petroleum Exporting Countries left its global forecast for oil demand growth unchanged. It expects demand to increase by about 800,000 barrels a day this year, with daily consumption averaging 85.1 million barrels.
In other Nymex trading in March contracts, heating oil rose 0.96 cents to settle at US$1.9469 a gallon, and natural gas was up 0.2 cent, settling at US$5.292 per 1,000 cubic feet.
Gasoline prices ticked up in trading on the New York Mercantile Exchange, but closed flat at US$1.929 a gallon.
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