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Oil gains on economic news
Source: Agencies |
February 6, 2013, Wednesday
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OIL regained some of its loss from Monday as yesterday's economic data helped improve the outlook for energy demand.
Benchmark oil for March delivery rose 47 cents to finish at US$96.64 a barrel on the New York Mercantile Exchange. Crude dropped by US$1.60 to finish at US$96.17 a barrel on Monday, the biggest drop of the year so far.
Brent crude, the benchmark used to set prices for oil used by many US refineries, gained 92 cents to end at US$116.52 per barrel in London yesterday.
Data showing rising activity in the manufacturing and services sectors in the 17 European Union countries using the euro supported oil prices. And a US report indicated that the services sector continues to expand.
Recovering stock markets also buoyed oil. Most European markets rose, and US stock markets posted gains of about 1 percent or better in afternoon trading
In other energy futures trading on the Nymex:
- Wholesale gasoline added 3 cents to finish at US$3.04 per gallon.
- Natural gas rose 8 cents to end at US$3.40 per 1,000 cubic feet.
- Heating oil gained 4 cents to finish at US$3.19 a gallon.
Benchmark oil for March delivery rose 47 cents to finish at US$96.64 a barrel on the New York Mercantile Exchange. Crude dropped by US$1.60 to finish at US$96.17 a barrel on Monday, the biggest drop of the year so far.
Brent crude, the benchmark used to set prices for oil used by many US refineries, gained 92 cents to end at US$116.52 per barrel in London yesterday.
Data showing rising activity in the manufacturing and services sectors in the 17 European Union countries using the euro supported oil prices. And a US report indicated that the services sector continues to expand.
Recovering stock markets also buoyed oil. Most European markets rose, and US stock markets posted gains of about 1 percent or better in afternoon trading
In other energy futures trading on the Nymex:
- Wholesale gasoline added 3 cents to finish at US$3.04 per gallon.
- Natural gas rose 8 cents to end at US$3.40 per 1,000 cubic feet.
- Heating oil gained 4 cents to finish at US$3.19 a gallon.
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