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Oil prices rise on economic news
Source: Agencies |
October 19, 2011, Wednesday
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Online Edition
Online Edition
OIL prices climbed yesterday on expectations of a slower - but still growing - global economy.
Benchmark crude rose US$1.96, or 2.3 percent, to end the day at US$88.34 per barrel in New York. Brent crude, used to price many international kinds of oil, rose 99 cents to finish at US$111.15 a barrel in London.
Oil fell early in the day after China said its surging economy cooled slightly in the last quarter. But prices rebounded by midday, following a broad rally on Wall Street.
Analysts pointed out that even though China's economy slowed a little from July to September, its 9.1 percent growth rate was still red hot when compared with the West. China is the second biggest oil consumer in the world after the US.
Meanwhile a US trade group said homebuilders are less pessimistic about the struggling housing market. The National Association of Home Builders reading wasn't high enough to signal a recovery, but it was still good news for the beleaguered housing industry.
In Libya rebels strengthened their control of the country. That raised expectations that Libya soon will be able to supply oil to world markets again. A return of Libyan exports would lower oil prices as supplies increase, but some think it will be a while before Libyan oil returns. "We're still waiting for those exports," independent oil analyst Andrew Lipow said. "I'll believe it when I see it."
Libya's 1.5 million barrels of daily oil exports were shut down when fighting spread across the country in February. The loss of Libyan oil helped drive benchmark prices to three-year highs by April.
In other energy trading, heating oil rose 1.41 cents to end at US$3.0277 per gallon, while gasoline futures added less than a penny to finish at US$2.7469 per gallon. Natural gas fell 13.5 cents, or 3.7 percent, to end at US$3.553 per 1,000 cubic feet.
Benchmark crude rose US$1.96, or 2.3 percent, to end the day at US$88.34 per barrel in New York. Brent crude, used to price many international kinds of oil, rose 99 cents to finish at US$111.15 a barrel in London.
Oil fell early in the day after China said its surging economy cooled slightly in the last quarter. But prices rebounded by midday, following a broad rally on Wall Street.
Analysts pointed out that even though China's economy slowed a little from July to September, its 9.1 percent growth rate was still red hot when compared with the West. China is the second biggest oil consumer in the world after the US.
Meanwhile a US trade group said homebuilders are less pessimistic about the struggling housing market. The National Association of Home Builders reading wasn't high enough to signal a recovery, but it was still good news for the beleaguered housing industry.
In Libya rebels strengthened their control of the country. That raised expectations that Libya soon will be able to supply oil to world markets again. A return of Libyan exports would lower oil prices as supplies increase, but some think it will be a while before Libyan oil returns. "We're still waiting for those exports," independent oil analyst Andrew Lipow said. "I'll believe it when I see it."
Libya's 1.5 million barrels of daily oil exports were shut down when fighting spread across the country in February. The loss of Libyan oil helped drive benchmark prices to three-year highs by April.
In other energy trading, heating oil rose 1.41 cents to end at US$3.0277 per gallon, while gasoline futures added less than a penny to finish at US$2.7469 per gallon. Natural gas fell 13.5 cents, or 3.7 percent, to end at US$3.553 per 1,000 cubic feet.
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