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Oil closes higher after US manufacturing report
Source: Agencies |
October 2, 2012, Tuesday
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THE price of oil finished higher yesterday after a report showed US manufacturing activity rose in September for the first time in four months.
That overshadowed a report that said US construction spending fell for second straight month in August and a survey indicated manufacturing in China continues to slow.
Benchmark crude closed up 29 US cents at US$92.48 a barrel on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of oil, fell 20 US cents to US$112.19 a barrel on the ICE Futures Exchange in London.
Prices at the pump slipped to US$3.782 a gallon (US$1 a liter), according to AAA, Wright Express and the Oil Price Information Service. But they're still 35 US cents higher than they were a year ago. Low supplies of gasoline, particularly in the US Northeast, are keeping prices elevated.
Average gasoline prices this year are on track to be the highest ever, AAA said yesterday, topping last year's record of US$3.51 per gallon.
That overshadowed a report that said US construction spending fell for second straight month in August and a survey indicated manufacturing in China continues to slow.
Benchmark crude closed up 29 US cents at US$92.48 a barrel on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of oil, fell 20 US cents to US$112.19 a barrel on the ICE Futures Exchange in London.
Prices at the pump slipped to US$3.782 a gallon (US$1 a liter), according to AAA, Wright Express and the Oil Price Information Service. But they're still 35 US cents higher than they were a year ago. Low supplies of gasoline, particularly in the US Northeast, are keeping prices elevated.
Average gasoline prices this year are on track to be the highest ever, AAA said yesterday, topping last year's record of US$3.51 per gallon.
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