Related News
Oil edges higher amid signs economy weak
Source: Agencies |
June 25, 2010, Friday
|
Online Edition
Online Edition
OIL prices rose slightly yesterday, with demand still lackluster in the gradual economic recovery.
Benchmark crude for August delivery added 16 cents to settle at US$76.51 a barrel on the New York Mercantile Exchange.
The Energy Information Administration said Wednesday that crude oil supplies increased by 2 million barrels last week, while analysts were expecting stockpiles to drop. Traders got more discouraging news when the government said new home sales dropped by a third to a record low last month.
Oil had jumped from US$64 a barrel late last month on investor optimism that Europe's debt and fiscal woes wouldn't significantly slow the U.S. and global economic recovery.
Stocks and interest rates fell sharply yesterday as reports on initial jobless claims and durable goods orders contributed to investors' darker view of the U.S. economy. The reports come a day after the Federal Reserve issued a statement on the economy that showed the central bank is also more cautious about a recovery.
"It was one thing to bid up oil prices on the presumption that an economic recovery would improve the outlook for everything," Cameron Hanover said in a report. "With economic numbers now seemingly weakening again, it's not as easy to dismiss the stock surpluses that exist in oil inventories."
In other Nymex trading, heating oil fell 1.12 cents to settle at US$2.0572 a gallon, gasoline gained 1.12 cents to settle at US$2.0935 a gallon and natural gas was off 6.6 cents to settle at US$4.748 per 1,000 cubic feet.
In London, Brent crude rose 20 cents to settle at US$76.47 on the ICE futures exchange.
Benchmark crude for August delivery added 16 cents to settle at US$76.51 a barrel on the New York Mercantile Exchange.
The Energy Information Administration said Wednesday that crude oil supplies increased by 2 million barrels last week, while analysts were expecting stockpiles to drop. Traders got more discouraging news when the government said new home sales dropped by a third to a record low last month.
Oil had jumped from US$64 a barrel late last month on investor optimism that Europe's debt and fiscal woes wouldn't significantly slow the U.S. and global economic recovery.
Stocks and interest rates fell sharply yesterday as reports on initial jobless claims and durable goods orders contributed to investors' darker view of the U.S. economy. The reports come a day after the Federal Reserve issued a statement on the economy that showed the central bank is also more cautious about a recovery.
"It was one thing to bid up oil prices on the presumption that an economic recovery would improve the outlook for everything," Cameron Hanover said in a report. "With economic numbers now seemingly weakening again, it's not as easy to dismiss the stock surpluses that exist in oil inventories."
In other Nymex trading, heating oil fell 1.12 cents to settle at US$2.0572 a gallon, gasoline gained 1.12 cents to settle at US$2.0935 a gallon and natural gas was off 6.6 cents to settle at US$4.748 per 1,000 cubic feet.
In London, Brent crude rose 20 cents to settle at US$76.47 on the ICE futures exchange.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
