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Oil jumps above US$94 on US supply report
Source: Agencies |
January 17, 2013, Thursday
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The price of oil jumped above US$94 a barrel yesterday after an unexpected drop in US crude supplies.
Benchmark oil was up 96 cents to close at US$94.24 a barrel on the New York Mercantile Exchange.
Oil supplies fell by 1 million barrels, or 0.3 percent, to 360.3 million barrels last week. Analysts expected an increase of 2.5 million barrels. The drop was due mainly to a decline in imports. Gasoline supplies grew less than expected as refineries slowed output.
Still, supplies of oil and gasoline remain above average for this time of year, with crude inventories nearly 9 percent higher than a year ago and gasoline levels more than 3 percent higher. US production of crude, at more than 7 million barrels a day, is the highest in 20 years.
Going forward, traders will be watching for the latest reading on China's economic growth Friday and developments in contentious negotiations in Washington over the nation's borrowing limit.
Brent crude, used to price international varieties of oil, was up 5 cents to US$119.68 per barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
- Wholesale gasoline rose 1 cent to US$2.72 a gallon.
- Natural gas lost 2 cents to US$3.44 per 1,000 cubic feet.
- Heating oil fell 1 cent to US$3.00 a gallon.
Benchmark oil was up 96 cents to close at US$94.24 a barrel on the New York Mercantile Exchange.
Oil supplies fell by 1 million barrels, or 0.3 percent, to 360.3 million barrels last week. Analysts expected an increase of 2.5 million barrels. The drop was due mainly to a decline in imports. Gasoline supplies grew less than expected as refineries slowed output.
Still, supplies of oil and gasoline remain above average for this time of year, with crude inventories nearly 9 percent higher than a year ago and gasoline levels more than 3 percent higher. US production of crude, at more than 7 million barrels a day, is the highest in 20 years.
Going forward, traders will be watching for the latest reading on China's economic growth Friday and developments in contentious negotiations in Washington over the nation's borrowing limit.
Brent crude, used to price international varieties of oil, was up 5 cents to US$119.68 per barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
- Wholesale gasoline rose 1 cent to US$2.72 a gallon.
- Natural gas lost 2 cents to US$3.44 per 1,000 cubic feet.
- Heating oil fell 1 cent to US$3.00 a gallon.
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