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Oil price holds near US$94
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The price of oil rose slightly yesterday and finished the week 2 percent higher on signs of rising demand in the US, the world's biggest oil consumer.
Benchmark crude for February delivery rose 41 cents to close at US$94.37 in New York. Oil is up 2 percent since closing last Friday at US$92.72. Brent crude for March delivery was up 73 cents to US$106.48 in London.
US oil began the year near US$100 a barrel but retreated swiftly on indications of ample global supplies. It regained some of that ground this week on signals that the US economy is churning again, and burning more diesel, jet fuel, and gasoline.
On Thursday, the US Energy Department said oil supplies fell by 7.7 million barrels last week, the seventh straight weekly decline. OPEC said in a report that it expects global oil demand to rise by around 1 million barrels a day, up from an increase of 900,000 barrels a day in 2013.
The average retail price for a gallon of gasoline in the US fell less than a penny to US$3.30 a gallon, according to AAA, OPIS and Wright Express. That's a penny less than a week ago and a penny more than a year ago.
In other energy futures trading in New York, natural gas fell 5.6 cents to close at US$4.326 per 1,000 cubic feet (28.32 cubic meters).
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