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Oil finishes virtually unchanged from Friday
Source: Agencies |
October 16, 2012, Tuesday
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A late-day surge left oil prices virtually unchanged yesterday, erasing losses of more than two percent.
Earlier in the day, the focus was on weaker oil demand. Traders seemed to warm slowly to some positive US economic news as the day went along. Higher US stock prices may have also influenced the buying of oil.
The Commerce Department said yesterday that retail sales rose 1.1 percent last month. That follows a 1.2 percent increase in August. They were the largest gains in two years, driven by auto sales and the release of the iPhone5.
The S&P 500 and the Dow Jones industrial average each rose about 0.7 percent.
Benchmark crude finished down a penny at US$91.85 a barrel on the New York Mercantile Exchange. In London, Brent crude, used to price international varieties of oil, gained 79 cents to US$114.40 a barrel.
In other energy futures trading on the New York Mercantile Exchange:
- Natural gas fell 12.5 cents to end at US$3.486 per 1,000 cubic feet.
- Heating oil fell 1.5 cents to US$3.209 a gallon.
- Wholesale gasoline futures gave up 4.25 cents to US$2.85 a gallon.
Earlier in the day, the focus was on weaker oil demand. Traders seemed to warm slowly to some positive US economic news as the day went along. Higher US stock prices may have also influenced the buying of oil.
The Commerce Department said yesterday that retail sales rose 1.1 percent last month. That follows a 1.2 percent increase in August. They were the largest gains in two years, driven by auto sales and the release of the iPhone5.
The S&P 500 and the Dow Jones industrial average each rose about 0.7 percent.
Benchmark crude finished down a penny at US$91.85 a barrel on the New York Mercantile Exchange. In London, Brent crude, used to price international varieties of oil, gained 79 cents to US$114.40 a barrel.
In other energy futures trading on the New York Mercantile Exchange:
- Natural gas fell 12.5 cents to end at US$3.486 per 1,000 cubic feet.
- Heating oil fell 1.5 cents to US$3.209 a gallon.
- Wholesale gasoline futures gave up 4.25 cents to US$2.85 a gallon.
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