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Oil posts slight gain as traders await supply data
Source: Agencies |
April 3, 2013, Wednesday
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THE price of oil rose slightly yesterday as traders waited for the latest data on US supplies.
Benchmark oil for May delivery gained 12 cents to finish at US$97.19 per barrel on the New York Mercantile Exchange.
Oil dropped below US$96 in the morning, but recovered as US stock markets rose, buoyed by strong reports on US auto sales and factory orders.
The market will be watching for the latest reports on supplies of oil and petroleum products. The American Petroleum Institute, a trade group, releases its latest weekly figures later yesterday. The Energy Department issues its latest inventory report Wednesday morning.
Analysts expect oil supplies rose by 2.5 million barrels last week, according to Platts. Supplies are already more than 9 percent above year-ago levels.
Brent crude, used to price many kinds of oil imported by US refineries, was up 67 cents to end at US$110.69 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline fell 6 cents to finish at US$3.04 a gallon.
- Heating oil rose 2 cents to end at US$3.09 a gallon.
- Natural gas dropped 5 cents to US$3.97 per 1,000 cubic feet.
Benchmark oil for May delivery gained 12 cents to finish at US$97.19 per barrel on the New York Mercantile Exchange.
Oil dropped below US$96 in the morning, but recovered as US stock markets rose, buoyed by strong reports on US auto sales and factory orders.
The market will be watching for the latest reports on supplies of oil and petroleum products. The American Petroleum Institute, a trade group, releases its latest weekly figures later yesterday. The Energy Department issues its latest inventory report Wednesday morning.
Analysts expect oil supplies rose by 2.5 million barrels last week, according to Platts. Supplies are already more than 9 percent above year-ago levels.
Brent crude, used to price many kinds of oil imported by US refineries, was up 67 cents to end at US$110.69 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline fell 6 cents to finish at US$3.04 a gallon.
- Heating oil rose 2 cents to end at US$3.09 a gallon.
- Natural gas dropped 5 cents to US$3.97 per 1,000 cubic feet.
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