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Oil price rises as US stocks stabilize
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The price of oil rose nearly 1 percent Tuesday on hopes that demand for US crude would remain on track even as some emerging-market economies falter.
Benchmark US crude for March delivery was up 76 cents to close at US$97.19 a barrel in New York, reversing much of oil's loss Monday. Brent crude, a benchmark for international oil used by many US refineries, was down 26 cents to close at US$105.78 in London.
The US oil price rose along with the stock market, which regained some ground Tuesday after a drop of 2.3 percent Monday.
Stock markets around the world have been slammed by currency problems in several emerging-market countries, the Federal Reserve's decision to shrink its stimulus program, and a slowdown in the Chinese economy.
Tuesday's modest recovery in the US stock market and a report by real estate data firm CoreLogic that showed a strong rise in home prices in December eased some fears that US demand for fuel would fall.
So far this year, economic concerns have weighed less on oil prices than on stock prices, analysts say. That's partly because a bitterly cold winter in the US has increased demand for heating oil, which is keeping demand for crude — and global prices — strong compared with stock prices.
Forecasts for further cold across much of the US sent natural gas for March delivery soaring 47 cents, or 9.6 percent, to close at US$5.375 per 1,000 cubic feet. That's the highest price for natural gas since February 2010 other than a short price spike last week in a thinly-traded expiring futures contract.
The average US retail price for gasoline, which has remained very stable this year, fell less than a penny to US$3.27 per gallon. That's a penny cheaper than last week and four cents cheaper than a month ago.
In other energy futures trading in New York:
— Wholesale gasoline was down 0.4 cents to close at US$2.603 a gallon.
— Heating oil was down 2.5 cents to close at US$2.983 a gallon.
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