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Oil back above US$94 a barrel after early loss
Source: Agencies |
May 16, 2013, Thursday
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THE price of oil rose back above US$94 yesterday after dropping earlier on disappointing economic reports from Europe and the US.
Benchmark oil for June delivery was up 9 cents to finish at US$94.30 a barrel on the New York Mercantile Exchange. It fell as low as US$92.13 in the morning before rising in tandem with US stock markets.
Recently the stock market and, to a lesser degree, the oil market have shrugged off reports of sluggish economic growth, because it suggests that the Federal Reserve will keep pumping money into financial markets.
New figures released yesterday showed the eurozone's economy continued to contract in the first quarter, keeping it in recession for a sixth consecutive quarter. And a report in the US showed factories cut back sharply on production in April, suggesting economic growth may be slowing this spring.
That dreary economic news initially overshadowed the latest data from the Energy Department showing that oil supplies declined unexpectedly last week.
Crude supplies declined by 600,000 barrels, or 0.2 percent, to 394.9 million barrels, in the week ended May 10. Analysts expected an increase of 300,000 barrels. Still, demand for gasoline and distillates such as diesel remain below year-ago levels.
The national average for a gallon of gas rose about 1 cent from Tuesday, to US$3.59 a gallon. That's 6 cents more than a month ago, 14 cents lower than a year ago.
Brent crude, a benchmark for many international oil varieties, rose 99 cents to US$103.50 a barrel, after earlier dropping to US$100.91 on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
- Wholesale gasoline rose 3 cents to finish at US$2.87 a gallon.
- Heating oil was flat at US$2.88 a gallon.
- Natural gas added 5 cents to end at US$4.07 per 1,000 cubic feet.
Benchmark oil for June delivery was up 9 cents to finish at US$94.30 a barrel on the New York Mercantile Exchange. It fell as low as US$92.13 in the morning before rising in tandem with US stock markets.
Recently the stock market and, to a lesser degree, the oil market have shrugged off reports of sluggish economic growth, because it suggests that the Federal Reserve will keep pumping money into financial markets.
New figures released yesterday showed the eurozone's economy continued to contract in the first quarter, keeping it in recession for a sixth consecutive quarter. And a report in the US showed factories cut back sharply on production in April, suggesting economic growth may be slowing this spring.
That dreary economic news initially overshadowed the latest data from the Energy Department showing that oil supplies declined unexpectedly last week.
Crude supplies declined by 600,000 barrels, or 0.2 percent, to 394.9 million barrels, in the week ended May 10. Analysts expected an increase of 300,000 barrels. Still, demand for gasoline and distillates such as diesel remain below year-ago levels.
The national average for a gallon of gas rose about 1 cent from Tuesday, to US$3.59 a gallon. That's 6 cents more than a month ago, 14 cents lower than a year ago.
Brent crude, a benchmark for many international oil varieties, rose 99 cents to US$103.50 a barrel, after earlier dropping to US$100.91 on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
- Wholesale gasoline rose 3 cents to finish at US$2.87 a gallon.
- Heating oil was flat at US$2.88 a gallon.
- Natural gas added 5 cents to end at US$4.07 per 1,000 cubic feet.
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