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Oil rises as market waits on supply data
Source: Agencies |
July 24, 2013, Wednesday
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THE price of oil rose yesterday as the market awaited the latest data on US crude oil and gasoline supplies.
US benchmark crude for September delivery rose 29 cents to close at US$107.23 per barrel on the New York Mercantile Exchange.
The government's weekly report on America's inventories of crude is expected to show another drop in supplies. Falling supplies have helped propel the price of oil to a 16-month high this month, boosting gasoline prices as well.
A survey by Platts, the energy information arm of McGraw-Hill Cos., shows analysts expect a decline in crude oil inventories of 2.6 million barrels for the week ended July 19. That would bring the four-week drop to nearly 30 million barrels.
The American Petroleum Institute will release its report on oil stocks later yesterday, while the report from the Energy Department's Energy Information Administration - the market benchmark - will be out today.
Brent crude, traded on the ICE Futures exchange in London, rose 27 cents to finish at US$108.42 a barrel.
In other energy futures trading on the Nymex:
- Wholesale gasoline was flat at US$3.06 a gallon.
- Heating oil was flat at US$3.07 a gallon.
- Natural gas gained 7 cents to end at US$3.74 per 1,000 cubic feet.
US benchmark crude for September delivery rose 29 cents to close at US$107.23 per barrel on the New York Mercantile Exchange.
The government's weekly report on America's inventories of crude is expected to show another drop in supplies. Falling supplies have helped propel the price of oil to a 16-month high this month, boosting gasoline prices as well.
A survey by Platts, the energy information arm of McGraw-Hill Cos., shows analysts expect a decline in crude oil inventories of 2.6 million barrels for the week ended July 19. That would bring the four-week drop to nearly 30 million barrels.
The American Petroleum Institute will release its report on oil stocks later yesterday, while the report from the Energy Department's Energy Information Administration - the market benchmark - will be out today.
Brent crude, traded on the ICE Futures exchange in London, rose 27 cents to finish at US$108.42 a barrel.
In other energy futures trading on the Nymex:
- Wholesale gasoline was flat at US$3.06 a gallon.
- Heating oil was flat at US$3.07 a gallon.
- Natural gas gained 7 cents to end at US$3.74 per 1,000 cubic feet.
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