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Oil rises above US$98 on hopes for greater demand
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The price of oil jumped to the highest level in six weeks amid expectations that US supplies fell for the second week in a row.
Benchmark US crude for January delivery gained US$1.17 to close at US$98.51 a barrel time on the New York Mercantile Exchange. Oil has gained US$6.21, or 6.7 percent, since late November.
Investors are awaiting fresh information on US stockpiles of crude oil and refined products.
Data for the week ending Dec. 6 is expected to show a decline of 2.8 million barrels in crude oil supplies and a decrease of 2.1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The industry-funded American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out on Wednesday.
Meanwhile, China's industrial output rose 10 percent from a year earlier in November, slightly lower than October's increase, while retail sales grew a higher-than-expected 13.7 percent.
The data, coupled with earlier news about stronger US hiring, added to expectations of rising energy demand from the world's top two economies.
Elsewhere, Brent crude, a benchmark for international oils, was up 21 cents at US$109.60 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline rose 1 cent to US$2.68 a gallon.
— Heating oil was flat at US$3.02 a gallon.
— Natural gas rose 1 cent to US$4.24 per 1,000 cubic feet.
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