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Oil resumes upward march, hits 3-month high
Source: Agencies |
August 22, 2012, Wednesday
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THE price of oil resumed climbing yesterday, reaching its highest point since early May.
Speculation that the US Federal Reserve might take action to spark the sluggish recovery and hopes for good news from upcoming debt-crisis meetings in Europe were the catalysts.
Benchmark crude finished up 71 cents at US$96.68 per barrel in New York. Earlier, it crossed US$97 for the first time since May 11. It lost 4 cents Monday after rising for four straight days.
Brent crude, which is used to price international varieties of oil, rose 94 cents to US$114.64 per barrel in London.
Both contracts pared gains slightly yesterday afternoon, around the same time that US stock indexes slipped into negative territory.
Traders awaited the release of minutes from the previous Fed policy meeting for signs that it might lower interest rates today. Lower rates tend to drive oil prices because they steer investors away from less-risky investments.
There was also hope for positive developments in meetings between the leaders of Germany, France and Greece later this week over the European debt crisis.
"Optimism for a breakthrough in dealing with Greece is propelling the risk appetite," said Addison Armstrong, senior director of market research for Tradition Energy.
Prices at the pump fell from a day earlier, but are still at records for the date. The national average yesterday was US$3.717 per gallon (98 cents a liter), above the previous Aug. 21 high of US$3.702 in 2008.
Retail gasoline prices have gone up about 39 cents per gallon, or 12 percent, since hitting a low of US$3.326 on July 2, according to AAA, Wright Express and the Oil Price Information Service.
Other futures prices on the New York Mercantile Exchange:
- Wholesale gasoline increased 3.44 cents to US$3.0652 a gallon.
- Heating oil rose 3.12 cents to US$3.1243 a gallon.
- Natural gas was flat at US$2.775 per 1,000 cubic feet.
Speculation that the US Federal Reserve might take action to spark the sluggish recovery and hopes for good news from upcoming debt-crisis meetings in Europe were the catalysts.
Benchmark crude finished up 71 cents at US$96.68 per barrel in New York. Earlier, it crossed US$97 for the first time since May 11. It lost 4 cents Monday after rising for four straight days.
Brent crude, which is used to price international varieties of oil, rose 94 cents to US$114.64 per barrel in London.
Both contracts pared gains slightly yesterday afternoon, around the same time that US stock indexes slipped into negative territory.
Traders awaited the release of minutes from the previous Fed policy meeting for signs that it might lower interest rates today. Lower rates tend to drive oil prices because they steer investors away from less-risky investments.
There was also hope for positive developments in meetings between the leaders of Germany, France and Greece later this week over the European debt crisis.
"Optimism for a breakthrough in dealing with Greece is propelling the risk appetite," said Addison Armstrong, senior director of market research for Tradition Energy.
Prices at the pump fell from a day earlier, but are still at records for the date. The national average yesterday was US$3.717 per gallon (98 cents a liter), above the previous Aug. 21 high of US$3.702 in 2008.
Retail gasoline prices have gone up about 39 cents per gallon, or 12 percent, since hitting a low of US$3.326 on July 2, according to AAA, Wright Express and the Oil Price Information Service.
Other futures prices on the New York Mercantile Exchange:
- Wholesale gasoline increased 3.44 cents to US$3.0652 a gallon.
- Heating oil rose 3.12 cents to US$3.1243 a gallon.
- Natural gas was flat at US$2.775 per 1,000 cubic feet.
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