Oil jumps after US says demand for gas rising

Source: Agencies | November 7, 2013, Thursday |

Online Edition

Oil rose 1.5 percent yesterday as the US government reported a strong increase in demand for gasoline last week.

Benchmark US crude for December delivery gained US$1.43 to close at US$94.80 a barrel on the New York Mercantile Exchange. Oil is still down about 9 percent since closing at US$104.10 on October 2.

The government said gasoline supplies dropped by 3.8 million barrels last week, almost four times the decline analysts were expecting. For the four week period ended Nov. 1, gasoline demand rose 5.4 percent to an average of 9.1 million barrels per day. Demand for distillates, which includes diesel and heating oil, rose 8.2 percent for the same period.

Those figures overshadowed another increase in US crude stockpiles. Oil supplies rose by 1.6 million barrels.

Brent crude, the international benchmark, fell 9 cents at US$105.24 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline added 3 cents to US$2.55 a gallon.

— Heating oil rose 1 cents to US$2.87 a gallon.

— Natural gas gained 3 cents to US$3.50 per 1,000 cubic feet.

Energy

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Oil jumps after US says demand for gas rising

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