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Oil prices flat at US$92
Source: Agencies |
October 19, 2012, Friday
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Online Edition
Online Edition
MIXED signals from the world's largest economies kept the price of oil flat yesterday.
US benchmark crude eased 2 cents to finish at US$92.10 a barrel. Brent crude, which many US refiners use to make gasoline, fell 80 cents to US$112.42 in London.
An increase in new home construction reported Wednesday suggested the US economy was improving and would need more gasoline, diesel and jet fuel in coming months.
At the same time, US oil supplies have climbed higher than expected and are above their 5-year average for this time of year.
China's economic news also offered a complicated outlook for oil demand. The slide in the country's growth rate appeared to be slowing, according to data reported yesterday. That could mean Chinese oil demand will pick up. But the data also lowered expectations that China's government will introduce new measures to stimulate the economy. That could keep a lid on demand.
Either way, players in the oil market didn't have much to latch onto.
"There was no surprise, so there's not much impact," said oil analyst Jim Ritterbusch.
Retail gasoline prices continued a recent slide, though they remained at record high for this time of year. The national average retail price fell 2 cents to US$3.74 per gallon yesterday, according to AAA, OPIS and Wright Express.
In other energy trading in New York:
- Heating oil fell a penny to US$3.17 per gallon.
- Wholesale gasoline fell 3 cents to US$2.75 per gallon.
- Natural gas rose 12 cents to US$3.59 per thousand cubic feet.
US benchmark crude eased 2 cents to finish at US$92.10 a barrel. Brent crude, which many US refiners use to make gasoline, fell 80 cents to US$112.42 in London.
An increase in new home construction reported Wednesday suggested the US economy was improving and would need more gasoline, diesel and jet fuel in coming months.
At the same time, US oil supplies have climbed higher than expected and are above their 5-year average for this time of year.
China's economic news also offered a complicated outlook for oil demand. The slide in the country's growth rate appeared to be slowing, according to data reported yesterday. That could mean Chinese oil demand will pick up. But the data also lowered expectations that China's government will introduce new measures to stimulate the economy. That could keep a lid on demand.
Either way, players in the oil market didn't have much to latch onto.
"There was no surprise, so there's not much impact," said oil analyst Jim Ritterbusch.
Retail gasoline prices continued a recent slide, though they remained at record high for this time of year. The national average retail price fell 2 cents to US$3.74 per gallon yesterday, according to AAA, OPIS and Wright Express.
In other energy trading in New York:
- Heating oil fell a penny to US$3.17 per gallon.
- Wholesale gasoline fell 3 cents to US$2.75 per gallon.
- Natural gas rose 12 cents to US$3.59 per thousand cubic feet.
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