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Oil closes at 5-week high
Source: Agencies |
March 28, 2013, Thursday
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THE price of oil rose near the end of trading yesterday, and has now gone up more than US$4 in less than a week.
Benchmark oil for May delivery gained 24 cents to close at a five-week high of US$96.68 per barrel on the New York Mercantile Exchange. Oil has gained US$4.13, or 4.4 percent, in the last four sessions.
Oil's gains have been driven by strong US economic data. Today the market gets the final reading on fourth-quarter gross domestic product and the latest weekly reading on claims for unemployment benefits.
Brent crude, used to price many kinds of oil imported by US refineries, rose 33 cents to US$109.69 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline rose less than a penny to US$3.12 a gallon.
- Heating oil rose 4 cents to US$3.04 a gallon.
- Natural gas advanced by 8 cents to US$4.07 per 1,000 cubic feet.
Benchmark oil for May delivery gained 24 cents to close at a five-week high of US$96.68 per barrel on the New York Mercantile Exchange. Oil has gained US$4.13, or 4.4 percent, in the last four sessions.
Oil's gains have been driven by strong US economic data. Today the market gets the final reading on fourth-quarter gross domestic product and the latest weekly reading on claims for unemployment benefits.
Brent crude, used to price many kinds of oil imported by US refineries, rose 33 cents to US$109.69 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline rose less than a penny to US$3.12 a gallon.
- Heating oil rose 4 cents to US$3.04 a gallon.
- Natural gas advanced by 8 cents to US$4.07 per 1,000 cubic feet.
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