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Oil prices rise on US, European economic news
October 22, 2011, Saturday
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OIL prices rose yesterday on encouraging economic news from the US and Europe, raising hopes for stronger demand in the months to come.
Benchmark crude rose US$1.33 to finish the day at US$87.40 per barrel in New York. Brent crude, used to price many international kinds of oil, fell 20 cents to end at US$109.56 per barrel in London.
Benchmark crude prices rose as European finance ministers approved the next round of bailout loans for Greece, which should head off a disastrous default that could impact other countries in the region and slow their economies.
In the US, the government said jobless rates fell in half of the states last month as hiring picked up. That pointed to rising demand for oil and gas as unemployment lines shrink.
On Wall Street, stocks surged following strong earnings reports. The Dow Jones industrial average was up more than 220 points, or 2 percent, in afternoon trading.
In other energy trading, heating oil fell 1.26 cents to finish at US$3.0175 a gallon. Gasoline futures rose about a penny to end at US$2.6846 a gallon. Natural gas was virtually unchanged at US$3.6290 per thousand cubic feet.
Benchmark crude rose US$1.33 to finish the day at US$87.40 per barrel in New York. Brent crude, used to price many international kinds of oil, fell 20 cents to end at US$109.56 per barrel in London.
Benchmark crude prices rose as European finance ministers approved the next round of bailout loans for Greece, which should head off a disastrous default that could impact other countries in the region and slow their economies.
In the US, the government said jobless rates fell in half of the states last month as hiring picked up. That pointed to rising demand for oil and gas as unemployment lines shrink.
On Wall Street, stocks surged following strong earnings reports. The Dow Jones industrial average was up more than 220 points, or 2 percent, in afternoon trading.
In other energy trading, heating oil fell 1.26 cents to finish at US$3.0175 a gallon. Gasoline futures rose about a penny to end at US$2.6846 a gallon. Natural gas was virtually unchanged at US$3.6290 per thousand cubic feet.
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