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Oil prices climb on German confidence, US earnings
Source: Agencies |
April 21, 2012, Saturday
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ENCOURAGING news about business confidence in Germany helped drive oil prices higher yesterday. It was a respite from persistent worries about weaker energy demand as Europe's debt crisis still hangs in the air.
Benchmark US crude rose 78 US cents to finish at US$103.05 per barrel in New York, while Brent crude added 76 US cents to end at US$118.76 in London.
In Germany, the biggest economy in the European Union, a key survey found that business confidence improved in April from March, the sixth straight month it rose. The survey showed confidence was up not only for current conditions, but for the next six months as well.
Oil prices also rose along with US stock markets amid strong earnings profits from several major corporations. The Dow Jones industrial average was up almost 1 percent in afternoon trading. The S&P 500 and the Nasdaq were higher as well.
Benchmark oil has stayed in a range between US$101 and US$105 per barrel this month as investors assessed global economic growth and looked for fresh news about the standoff between Iran and Western countries over Iran's nuclear program. They're also concerned about Europe's financial crisis and a slowdown in China's economy.
Talks between Iran and the West are scheduled to resume next month. The US, Europe and other countries think that Iran may be working on a nuclear weapon. Iran has denied the charge.
Iran exports more than 2 million barrels of oil each day. The European Union and the US have imposed sanctions that make it tougher for Iran to sell its oil. In response Iran stopped selling oil to Britain, France, Greece and Spain, although those countries weren't getting much Iranian oil to begin with.
Iran's oil minister said his country might cut sales to more European countries if the 27-nation bloc failed to show more flexibility toward his country ahead of May's meetings.
In other trading, heating oil rose a little more than 1 cent to finish at US$3.14 per gallon, gasoline futures fell about a cent to end at US$3.14 per gallon and natural gas rose 2 US cents to finish at US$1.93 per 1,000 cubic feet.
Benchmark US crude rose 78 US cents to finish at US$103.05 per barrel in New York, while Brent crude added 76 US cents to end at US$118.76 in London.
In Germany, the biggest economy in the European Union, a key survey found that business confidence improved in April from March, the sixth straight month it rose. The survey showed confidence was up not only for current conditions, but for the next six months as well.
Oil prices also rose along with US stock markets amid strong earnings profits from several major corporations. The Dow Jones industrial average was up almost 1 percent in afternoon trading. The S&P 500 and the Nasdaq were higher as well.
Benchmark oil has stayed in a range between US$101 and US$105 per barrel this month as investors assessed global economic growth and looked for fresh news about the standoff between Iran and Western countries over Iran's nuclear program. They're also concerned about Europe's financial crisis and a slowdown in China's economy.
Talks between Iran and the West are scheduled to resume next month. The US, Europe and other countries think that Iran may be working on a nuclear weapon. Iran has denied the charge.
Iran exports more than 2 million barrels of oil each day. The European Union and the US have imposed sanctions that make it tougher for Iran to sell its oil. In response Iran stopped selling oil to Britain, France, Greece and Spain, although those countries weren't getting much Iranian oil to begin with.
Iran's oil minister said his country might cut sales to more European countries if the 27-nation bloc failed to show more flexibility toward his country ahead of May's meetings.
In other trading, heating oil rose a little more than 1 cent to finish at US$3.14 per gallon, gasoline futures fell about a cent to end at US$3.14 per gallon and natural gas rose 2 US cents to finish at US$1.93 per 1,000 cubic feet.
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