Oil gains most in 2 weeks on US factory data

Source: Agencies | March 19, 2014, Wednesday |

Online Edition

THE price of oil rose the most in two weeks Tuesday after strong US factory data and an apparent easing in tensions over Ukraine.

Benchmark US crude for April delivery gained US$1.62 to US$99.70 on the New York Mercantile Exchange. It was oil's biggest gain since March 3.

Brent crude, used to set prices for international varieties of crude, gained 55 US cents to US$106.79 on the ICE Futures exchange in London.

Data from the Federal Reserve showed that US factory output in February rose at its fastest clip in six months after disruptions from severe winter weather. That bodes well for demand for oil in the world's largest economy.

Oil prices were also underpinned by the narrow scope of US and European Union sanctions against Russia for its intervention in Crimea. On Tuesday, Russian President Vladimir Putin signed a treaty to annex Crimea but suggested his country was not seeking to take over other parts of Ukraine.

Investors are also awaiting fresh information on US stockpiles of crude and refined products.

Statistics for the week ending March 14 are expected to show a build of 2.6 million barrels in crude oil stocks and a decline of 1.6 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

In other energy futures trading on Nymex, natural gas fell 8 US cents to US$4.46 per 1,000 cubic feet (28.32 cubic meters).

Energy

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Oil gains most in 2 weeks on US factory data

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