Oil gains as US supplies rise less than expected

Source: Agencies | February 27, 2014, Thursday |

Online Edition

The price of oil rose yesterday as US oil supplies increased less than expected. But natural gas futures fell again on expectations for warmer weather by the middle of March.

Benchmark US crude for April delivery rose 76 cents to US$102.59 a barrel on the New York Mercantile Exchange.

The Energy Department said crude oil supplies rose by 68,000 barrels last week, well below the increase of 1.5 million barrels expected by analysts surveyed by Platts. Supplies at the key storage point in Cushing, Oklahoma, fell by 1.1 million barrels, helping support oil prices.

Natural gas fell 15 cents to US$4.54 per 1,000 cubic feet. Although frigid temperatures have returned this week to parts of the US Midwest and Northeast, forecasts are calling for warmer temperatures as the start of spring approaches.

Brent crude, which is used to set prices for international varieties of crude, gained 1 cent to US$109.52 on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline was unchanged at US$2.80 per gallon.

— Heating oil rose 2 cents to US$3.13 a gallon.

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 as US supplies rise less than expected

Email this to your friend