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Oil rises above US$92 per barrel
Source: Agencies |
August 7, 2012, Tuesday
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OIL rose above US$92 per barrel for the first time in more than two weeks yesterday.
Benchmark US crude rose 80 cents to finish at US$92.20 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of crude, rose 61 cents to end at US$109.55 per barrel in London.
Oil has gained nearly 20 percent since hitting a low of US$77.69 in late June.
Monday's increase for oil followed a big spike on Friday. That's when oil gained almost 5 percent after the US government reported a surge in jobs growth last month, increasing optimism that the economy is on the right track. The pickup in hiring last month was far greater than analysts were expecting and marked the biggest increase since February. Still, the number of US jobs added wasn't enough that investors are ruling out some sort of economic stimulus measures by the Federal Reserve.
In other energy futures trading on the New York Mercantile Exchange, wolesale gasoline fell 0.88 cent to US$2.9222 a gallon; heating oil rose 1.48 cents to US$2.9409 a gallon; and natural gas gained 3.1 cents to US$2.908 per 1,000 cubic feet.
Benchmark US crude rose 80 cents to finish at US$92.20 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of crude, rose 61 cents to end at US$109.55 per barrel in London.
Oil has gained nearly 20 percent since hitting a low of US$77.69 in late June.
Monday's increase for oil followed a big spike on Friday. That's when oil gained almost 5 percent after the US government reported a surge in jobs growth last month, increasing optimism that the economy is on the right track. The pickup in hiring last month was far greater than analysts were expecting and marked the biggest increase since February. Still, the number of US jobs added wasn't enough that investors are ruling out some sort of economic stimulus measures by the Federal Reserve.
In other energy futures trading on the New York Mercantile Exchange, wolesale gasoline fell 0.88 cent to US$2.9222 a gallon; heating oil rose 1.48 cents to US$2.9409 a gallon; and natural gas gained 3.1 cents to US$2.908 per 1,000 cubic feet.
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