Oil gains 40 cents a barrel

Source: Agencies | November 9, 2013, Saturday |

Online Edition

The price of gasoline is the lowest in nearly two years, an early holiday gift for US drivers.

The nationwide average for gas is now US$3.21 a gallon (3.8 liters). It hasn't been that low since December 2011. Five states — Arkansas, Kansas, Missouri, Oklahoma and Texas — have averages below US$3 a gallon.

Gas has fallen 38 cents since early September, a period in which oil prices declined by about US$14 a barrel. In addition, a relatively calm hurricane season has meant no major storm-related disruptions at the nation's big refineries.

Meanwhile, the price of oil rose 40 cents yesterday to close at US$94.60 a barrel. Encouraging data on US employment was offset by the possibility of a loosening of sanctions against Iran by the West.

A possible sign that demand for oil could increase came from China, where October trade data showed growth in overall imports accelerating. But overall, the backdrop of ample supplies and muted demand, which has driven a monthlong slide in the oil price, is expected to keep a lid on markets.

Brent crude, the international benchmark for oil, rose US$1.66 to US$105.12 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline added 5 cents to US$2.55 a gallon.

— Heating oil gained 3 cents to US$2.87 a gallon.

— Natural gas advanced 4 cents to US$3.56 per 1,000 cubic feet.

Energy

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

Oil gains 40 cents a barrel

Email this to your friend