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Oil gains almost US$2, biggest gain since August
Source: Agencies |
September 28, 2012, Friday
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Online Edition
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THE price of oil gained almost US$2 per barrel yesterday after three straight days of declines.
A positive report on the US job market, signs that Spain can meet its deficit-cutting targets and hope the central bank of China will act soon to help that country's economy contributed to oil's biggest gain in nearly two months.
Benchmark oil gained US$1.87, or 2.1 percent, to finish at US$91.85 per barrel on the New York Mercantile Exchange. The last time crude posted a bigger gain was Aug. 3.
The Labor Department said the number of Americans seeking unemployment benefits plunged 26,000 last week to a seasonally adjusted 359,000, the lowest level in nine weeks. Any sign of an improving US economy can drive energy prices higher.
Oil's gains started earlier in Asia, helped by expectations the People's Bank of China will soon take more steps to stimulate the world's No. 2 economy. Spain later announced severe budget cuts intended to convince the world that it can meet deficit-reduction targets.
US stock markets also enjoyed their best day of the week.
Before yesterday's decline, oil prices had dropped US$9 per barrel in the last two weeks following the announcement of new economic stimulus measures by the US Federal Reserve.
Brent crude, which is used to price international varieties of oil, gained US$1.97 to close at US$112.01 on the ICE Futures Exchange in London.
In other Nymex trading:
- Heating oil rose 5.1 cents to close at US$3.157 per gallon.
- Wholesale gasoline gained 6.3 cents to finish at US$3.14 per gallon.
- Natural gas added 8.2 cents to end at US$3.297 per 1,000 cubic feet, a high for the year.
A positive report on the US job market, signs that Spain can meet its deficit-cutting targets and hope the central bank of China will act soon to help that country's economy contributed to oil's biggest gain in nearly two months.
Benchmark oil gained US$1.87, or 2.1 percent, to finish at US$91.85 per barrel on the New York Mercantile Exchange. The last time crude posted a bigger gain was Aug. 3.
The Labor Department said the number of Americans seeking unemployment benefits plunged 26,000 last week to a seasonally adjusted 359,000, the lowest level in nine weeks. Any sign of an improving US economy can drive energy prices higher.
Oil's gains started earlier in Asia, helped by expectations the People's Bank of China will soon take more steps to stimulate the world's No. 2 economy. Spain later announced severe budget cuts intended to convince the world that it can meet deficit-reduction targets.
US stock markets also enjoyed their best day of the week.
Before yesterday's decline, oil prices had dropped US$9 per barrel in the last two weeks following the announcement of new economic stimulus measures by the US Federal Reserve.
Brent crude, which is used to price international varieties of oil, gained US$1.97 to close at US$112.01 on the ICE Futures Exchange in London.
In other Nymex trading:
- Heating oil rose 5.1 cents to close at US$3.157 per gallon.
- Wholesale gasoline gained 6.3 cents to finish at US$3.14 per gallon.
- Natural gas added 8.2 cents to end at US$3.297 per 1,000 cubic feet, a high for the year.
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