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Oil back above US$96 on US steady hiring
Source: Agencies |
June 14, 2013, Friday
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Online Edition
Online Edition
THE price of oil rose above US$96 a barrel yesterday on signs of steady hiring and resilient consumer spending in the US and a rally in the stock market.
US benchmark oil for July delivery gained 81 cents to close at US$96.69 a barrel on the New York Mercantile Exchange.
A pair of economic reports in the US boosted oil.
The number of Americans seeking unemployment benefits fell to 334,000 last week, below what economists had expected, the government said. Another report showed that US retail sales increased 0.6 percent in May from April. That's the fastest pace since February.
Elsewhere the economic news didn't bode as well for energy demand.
The World Bank now expects the economy of the eurozone, the 17 countries sharing the euro currency, to contract by 0.6 percent this year. Its previous forecast was for a 0.1 percent contraction.
Rising US stock markets were also a catalyst for oil. The Dow Jones industrial average and the Standard & Poor's 500 index each rose more than 1 percent after three straight days of losses.
Brent crude, a benchmark for many international oil varieties, gained 76 cents to end at US$104.25 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline added 5 cents to finish at US$2.86 a gallon.
- Heating oil gained 4 cents to end at US$2.94 per gallon.
- Natural gas rose 4 cents to finish at US$3.81 per 1,000 cubic feet.
US benchmark oil for July delivery gained 81 cents to close at US$96.69 a barrel on the New York Mercantile Exchange.
A pair of economic reports in the US boosted oil.
The number of Americans seeking unemployment benefits fell to 334,000 last week, below what economists had expected, the government said. Another report showed that US retail sales increased 0.6 percent in May from April. That's the fastest pace since February.
Elsewhere the economic news didn't bode as well for energy demand.
The World Bank now expects the economy of the eurozone, the 17 countries sharing the euro currency, to contract by 0.6 percent this year. Its previous forecast was for a 0.1 percent contraction.
Rising US stock markets were also a catalyst for oil. The Dow Jones industrial average and the Standard & Poor's 500 index each rose more than 1 percent after three straight days of losses.
Brent crude, a benchmark for many international oil varieties, gained 76 cents to end at US$104.25 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline added 5 cents to finish at US$2.86 a gallon.
- Heating oil gained 4 cents to end at US$2.94 per gallon.
- Natural gas rose 4 cents to finish at US$3.81 per 1,000 cubic feet.
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