Related News
Oil prices settle higher again
Source: Agencies |
July 28, 2009, Tuesday
|
Online Edition
Online Edition
OIL prices pushed higher again yesterday, as stock markets dipped with mixed signals on the economy.
Benchmark crude for September delivery rose 33 cents to settle at US$68.38 a barrel on the New York Mercantile Exchange.
Oil has rebounded by almost US$10 a barrel this month as stronger economic results from the U.S. and China boosted investor optimism along with better than expected second-quarter earnings results from many companies.
The Dow Jones industrial average has risen about 11 percent in the last 10 days, but was down slightly in yesterday afternoon trading.
The government said yesterday that new U.S. home sales jumped 11 percent in June, the largest amount in nearly nine years.
Sales have risen for three straight months, but the median sales price of US$206,200 was down 12 percent from US$234,300 a year earlier.
The report initially sent oil - and the stock markets - higher.
But even with growing signs of optimism, demand for oil has remained weak.
"Oil can't stand on its own," said Phil Flynn of Alaron Trading. "It's looking at what the other markets are doing."
Peter Beutel of Cameron Hanover said oil also has gotten support from refineries running at levels well below years past.
"That's the only fundamental factor for prices to be higher," he said.
In other Nymex trading, gasoline for August delivery rose 1.88 cents to settle at US$1.9347 a gallon and heating oil gained 1.53 cents to settle at US$1.7966.
Benchmark crude for September delivery rose 33 cents to settle at US$68.38 a barrel on the New York Mercantile Exchange.
Oil has rebounded by almost US$10 a barrel this month as stronger economic results from the U.S. and China boosted investor optimism along with better than expected second-quarter earnings results from many companies.
The Dow Jones industrial average has risen about 11 percent in the last 10 days, but was down slightly in yesterday afternoon trading.
The government said yesterday that new U.S. home sales jumped 11 percent in June, the largest amount in nearly nine years.
Sales have risen for three straight months, but the median sales price of US$206,200 was down 12 percent from US$234,300 a year earlier.
The report initially sent oil - and the stock markets - higher.
But even with growing signs of optimism, demand for oil has remained weak.
"Oil can't stand on its own," said Phil Flynn of Alaron Trading. "It's looking at what the other markets are doing."
Peter Beutel of Cameron Hanover said oil also has gotten support from refineries running at levels well below years past.
"That's the only fundamental factor for prices to be higher," he said.
In other Nymex trading, gasoline for August delivery rose 1.88 cents to settle at US$1.9347 a gallon and heating oil gained 1.53 cents to settle at US$1.7966.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
