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Oil price ends higher amid mixed economic data
Source: Agencies |
October 17, 2012, Wednesday
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THE price of oil finished slightly higher in New York yesterday, following a day of wavering between small gains and losses as traders mulled mixed economic data.
The Labor Department said the US consumer price index rose 0.6 percent last month, the same as in August, with inflation still in check.
Meanwhile the Federal Reserve said industrial production was barely higher last month, and factory output showed a decline in the July-September quarter. Weak activity in the US manufacturing sector generally means less demand for oil.
Benchmark US crude ended up 24 cents at US$92.09 a barrel on the New York Mercantile Exchange.
Brent crude, which is used to price international varieties of oil, lost 40 cents to finish at US$114 a barrel in London.
Other energy futures on the Nymex:
- Heating oil fell a penny to end at US$3.20 a gallon.
- Natural gas lost 5 cents to finish at US$3.44 per 1,000 cubic feet.
- Wholesale gasoline ended down a half-cent at US$2.85 a gallon.
The Labor Department said the US consumer price index rose 0.6 percent last month, the same as in August, with inflation still in check.
Meanwhile the Federal Reserve said industrial production was barely higher last month, and factory output showed a decline in the July-September quarter. Weak activity in the US manufacturing sector generally means less demand for oil.
Benchmark US crude ended up 24 cents at US$92.09 a barrel on the New York Mercantile Exchange.
Brent crude, which is used to price international varieties of oil, lost 40 cents to finish at US$114 a barrel in London.
Other energy futures on the Nymex:
- Heating oil fell a penny to end at US$3.20 a gallon.
- Natural gas lost 5 cents to finish at US$3.44 per 1,000 cubic feet.
- Wholesale gasoline ended down a half-cent at US$2.85 a gallon.
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