Related News
Oil rises as Cyprus worries ease
Source: Agencies |
March 19, 2013, Tuesday
|
Online Edition
Online Edition
THE price of oil reversed sharp early losses and finished higher yesterday as nervousness over a bailout plan in Cyprus abated.
Benchmark oil for April delivery rose 29 cents to end at US$93.74 a barrel in New York. It had dropped as low as US$91.76 earlier in the day.
Traders initially worried about possible fallout from a plan to pay for a bailout for cash-strapped Cyprus by slapping a tax on deposits in the country's banks. Some bank customers withdrew as much of their cash as they could and the fear was the panic could spread to other countries and prompt capital flight from weaker EU economies.
Stock markets in Asia and Europe fell sharply. But as US markets recovered somewhat from an early steep decline, oil started to rise.
Natural gas rose again, building on a monthlong run that has seen the price jump 23 percent. Futures gained 1 cent to finish at US$3.88 per 1,000 cubic feet.
Brent crude, used to price many kinds of oil imported by US refineries, fell 31 cents to end at US$109.51 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline lost 3 cents to finish at US$3.13 a gallon.
- Heating oil fell 1 cent to end at US$2.93 a gallon.
Benchmark oil for April delivery rose 29 cents to end at US$93.74 a barrel in New York. It had dropped as low as US$91.76 earlier in the day.
Traders initially worried about possible fallout from a plan to pay for a bailout for cash-strapped Cyprus by slapping a tax on deposits in the country's banks. Some bank customers withdrew as much of their cash as they could and the fear was the panic could spread to other countries and prompt capital flight from weaker EU economies.
Stock markets in Asia and Europe fell sharply. But as US markets recovered somewhat from an early steep decline, oil started to rise.
Natural gas rose again, building on a monthlong run that has seen the price jump 23 percent. Futures gained 1 cent to finish at US$3.88 per 1,000 cubic feet.
Brent crude, used to price many kinds of oil imported by US refineries, fell 31 cents to end at US$109.51 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline lost 3 cents to finish at US$3.13 a gallon.
- Heating oil fell 1 cent to end at US$2.93 a gallon.
- 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.
