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Oil prices little changed
Source: Agencies |
November 16, 2010, Tuesday
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Online Edition
Online Edition
OIL prices were little changed after earlier getting a boost from a report showing U.S. retail sales rose for the fourth consecutive month in October, buoyed by stronger demand in the automobile market.
Benchmark oil for December delivery slipped 2 cents to settle at US$84.86 a barrel on the New York Mercantile Exchange.
The Commerce Department said consumer spending rose 1.2 percent, which was nearly double what analysts were expecting.
October sales at auto dealerships increased 5 percent. Excluding autos, sales advanced at a more moderate 0.4 percent in October following a 0.5 percent rise in sales excluding autos in September.
Yet, economists don't expect consumers to significantly boost spending while unemployment remains high.
Still, oil traders were encouraged by the report, after crude fell Friday on concerns that China would take steps to cool its economic growth.
"The market is going to take a wait-and-see position. I think people think they maybe overreacted to it a little bit on Friday and they're creeping back into the market," PFGBest analyst Phil Flynn said.
Christof Ruhl, the chief economist at BP PLC, expects oil prices to hover around US$80 a barrel in 2011. He said there might be "a little upward shift if the economy continues to grow," though the sustainability of China's economic growth was a key risk.
In other Nymex trading in December contracts, heating oil added 0.77 cent to settle at US$2.3709 a gallon, gasoline rose 2.49 cents to US$2.1950 a gallon and natural gas rose 4.6 cents to US$3.845 per 1,000 cubic feet.
In London, Brent crude rose 36 cents to US$86.70 a barrel on the ICE Futures exchange.
Benchmark oil for December delivery slipped 2 cents to settle at US$84.86 a barrel on the New York Mercantile Exchange.
The Commerce Department said consumer spending rose 1.2 percent, which was nearly double what analysts were expecting.
October sales at auto dealerships increased 5 percent. Excluding autos, sales advanced at a more moderate 0.4 percent in October following a 0.5 percent rise in sales excluding autos in September.
Yet, economists don't expect consumers to significantly boost spending while unemployment remains high.
Still, oil traders were encouraged by the report, after crude fell Friday on concerns that China would take steps to cool its economic growth.
"The market is going to take a wait-and-see position. I think people think they maybe overreacted to it a little bit on Friday and they're creeping back into the market," PFGBest analyst Phil Flynn said.
Christof Ruhl, the chief economist at BP PLC, expects oil prices to hover around US$80 a barrel in 2011. He said there might be "a little upward shift if the economy continues to grow," though the sustainability of China's economic growth was a key risk.
In other Nymex trading in December contracts, heating oil added 0.77 cent to settle at US$2.3709 a gallon, gasoline rose 2.49 cents to US$2.1950 a gallon and natural gas rose 4.6 cents to US$3.845 per 1,000 cubic feet.
In London, Brent crude rose 36 cents to US$86.70 a barrel on the ICE Futures exchange.
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