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Oil hits US$88 on economic hopes
Source: Agencies |
December 3, 2010, Friday
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OIL prices climbed yesterday, powered by strong economic data from the U.S. and refreshed hopes for containment of Europe's government debt crisis.
Benchmark oil for January delivery added US$1.25 to settle at US$88 a barrel on the New York Mercantile Exchange. That's just shy of the contract's 2010 high of US$88.29 a barrel.
Crude prices have surged for much of the week amid more positive economic news. Reports this week showed an improvement in U.S. manufacturing activity, retail sales and the housing market. The Labor Department said more Americans applied for unemployment benefits last week but the average over the past month fell to a two-year low.
Traders also have been more optimistic that Europe may be taking steps to ease its debt crisis. European Central Bank President Jean-Claude Trichet said the bank would prolong measures to provide ready cash to banks and steady the financial system.
In other Nymex trading in January contracts, heating oil gained 4.9 cents to US$2.4546 a gallon. Natural gas added 7.4 cents to US$4.343 per 1,000 cubic feet after the Energy Department said natural gas inventories held in underground storage in the lower 48 states declined by 23 billion cubic feet to 3.814 trillion cubic feet for the week that ended Nov. 26.
Gasoline for January delivery added 5.49 cents to settle at US$2.3553 per gallon. The price has risen about 20 percent since Labor Day, the unofficial end of the heavy summer driving season in the U.S.
In London, Brent crude rose US$1.77 to settle at US$90.69 a barrel on the ICE futures exchange.
Benchmark oil for January delivery added US$1.25 to settle at US$88 a barrel on the New York Mercantile Exchange. That's just shy of the contract's 2010 high of US$88.29 a barrel.
Crude prices have surged for much of the week amid more positive economic news. Reports this week showed an improvement in U.S. manufacturing activity, retail sales and the housing market. The Labor Department said more Americans applied for unemployment benefits last week but the average over the past month fell to a two-year low.
Traders also have been more optimistic that Europe may be taking steps to ease its debt crisis. European Central Bank President Jean-Claude Trichet said the bank would prolong measures to provide ready cash to banks and steady the financial system.
In other Nymex trading in January contracts, heating oil gained 4.9 cents to US$2.4546 a gallon. Natural gas added 7.4 cents to US$4.343 per 1,000 cubic feet after the Energy Department said natural gas inventories held in underground storage in the lower 48 states declined by 23 billion cubic feet to 3.814 trillion cubic feet for the week that ended Nov. 26.
Gasoline for January delivery added 5.49 cents to settle at US$2.3553 per gallon. The price has risen about 20 percent since Labor Day, the unofficial end of the heavy summer driving season in the U.S.
In London, Brent crude rose US$1.77 to settle at US$90.69 a barrel on the ICE futures exchange.
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