Related News
Oil rises on higher economic growth expectation
Source: Agencies |
November 30, 2012, Friday
|
Online Edition
Online Edition
THE price of oil rose yesterday on an improved reading on US economic growth while lawmakers continued their tussle over the "fiscal cliff."
The Commerce Department yesterday raised its estimate for US economic growth to an annual rate of 2.7 percent in the summer quarter of this year. That's much higher than the 2 percent rate estimated a month ago and more than twice the 1.3 percent rate in the three previous months.
Also yesterday, The National Association of Realtors said its seasonally adjusted pending home sales index rose in October to its highest level in nearly six years.
Any sign the economic recovery is picking up can be a catalyst for energy prices.
Benchmark crude rose US$1.58, or 1.8 percent, to close at US$88.07 a barrel on the New York Mercantile Exchange.
There was no progress in closely watched budget talks in Washington. Lawmakers are trying to hammer out a deal to avoid a series of tax increases and spending cuts slated to start in January that economists warn would send the country back into recession.
House Speaker John Boehner accused Democrats of failing to outline specific cuts to benefit programs, which Republicans contend must be part of any deal. The White House and other Democrats said the Republicans were the ones holding things up.
In other trading, Brent crude, which is used to price international varieties of oil, rose US$1.25 to US$110.76 per barrel on the ICE Futures Exchange in London.
Other energy futures on the New York Mercantile Exchange:
- Heating oil rose 3.3 cents to US$3.04 a gallon
- Natural gas fell 15.3 cents to US$3.65 per 1,000 cubic feet
- Wholesale gasoline gained 5.3 cents to US$2.79 a gallon
The Commerce Department yesterday raised its estimate for US economic growth to an annual rate of 2.7 percent in the summer quarter of this year. That's much higher than the 2 percent rate estimated a month ago and more than twice the 1.3 percent rate in the three previous months.
Also yesterday, The National Association of Realtors said its seasonally adjusted pending home sales index rose in October to its highest level in nearly six years.
Any sign the economic recovery is picking up can be a catalyst for energy prices.
Benchmark crude rose US$1.58, or 1.8 percent, to close at US$88.07 a barrel on the New York Mercantile Exchange.
There was no progress in closely watched budget talks in Washington. Lawmakers are trying to hammer out a deal to avoid a series of tax increases and spending cuts slated to start in January that economists warn would send the country back into recession.
House Speaker John Boehner accused Democrats of failing to outline specific cuts to benefit programs, which Republicans contend must be part of any deal. The White House and other Democrats said the Republicans were the ones holding things up.
In other trading, Brent crude, which is used to price international varieties of oil, rose US$1.25 to US$110.76 per barrel on the ICE Futures Exchange in London.
Other energy futures on the New York Mercantile Exchange:
- Heating oil rose 3.3 cents to US$3.04 a gallon
- Natural gas fell 15.3 cents to US$3.65 per 1,000 cubic feet
- Wholesale gasoline gained 5.3 cents to US$2.79 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.
