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Oil settles above US$81 on US jobs report
Source: Agencies |
March 6, 2010, Saturday
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Online Edition
Online Edition
THE government jobs report for February that came out yesterday raised hopes that the US economy may slowly be healing. It also raised oil and wholesale gasoline prices closer to their highs for the year.
Oil prices also got a boost yesterday from Chinese Premier Wen Jiabao, who said his country is on track for 8 percent growth this year. China is the second biggest consumer of oil in the world after the US
Benchmark crude for April delivery rose $1.29 to settle at $81.50 a barrel on the New York Mercantile Exchange. The 2010 high for oil was $83.95 on Jan. 11.
Crude has bumped around the $80 mark time and again over the past few months, only to be pushed back on conflicting signals about the recovery from the Great Recession.
Investors see a link between the unemployment report, which showed the jobless rate holding steady at 9.7 percent, and higher gasoline prices, according to Jim Ritterbusch of Ritterbusch and Associates.
"People expect gasoline demand improvement as we proceed through the year," he said, even though supplies remain ample and demand so far has continued to be weak.
Retail gasoline prices rose 1.4 cents overnight to a US average of $2.72 per gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Price are 3.83 cents shy of the high for the year.
Many analysts forecast prices will top $3 per gallon (79 cents a liter) this spring.
prices remain 78.7 cents higher than prices of a year ago.
In other Nymex trading in April contracts, heating oil rose 2.87 cents to settle at $2.0974 a gallon, and gasoline gained 3.73 cents to settle at $2.2710 a gallon. Natural gas added 1.8 cents to settle at $4.593 per 1,000 cubic feet.
In London, Brent crude rose $1.35 to settle at $79.89 on the ICE futures exchange.
Oil prices also got a boost yesterday from Chinese Premier Wen Jiabao, who said his country is on track for 8 percent growth this year. China is the second biggest consumer of oil in the world after the US
Benchmark crude for April delivery rose $1.29 to settle at $81.50 a barrel on the New York Mercantile Exchange. The 2010 high for oil was $83.95 on Jan. 11.
Crude has bumped around the $80 mark time and again over the past few months, only to be pushed back on conflicting signals about the recovery from the Great Recession.
Investors see a link between the unemployment report, which showed the jobless rate holding steady at 9.7 percent, and higher gasoline prices, according to Jim Ritterbusch of Ritterbusch and Associates.
"People expect gasoline demand improvement as we proceed through the year," he said, even though supplies remain ample and demand so far has continued to be weak.
Retail gasoline prices rose 1.4 cents overnight to a US average of $2.72 per gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Price are 3.83 cents shy of the high for the year.
Many analysts forecast prices will top $3 per gallon (79 cents a liter) this spring.
prices remain 78.7 cents higher than prices of a year ago.
In other Nymex trading in April contracts, heating oil rose 2.87 cents to settle at $2.0974 a gallon, and gasoline gained 3.73 cents to settle at $2.2710 a gallon. Natural gas added 1.8 cents to settle at $4.593 per 1,000 cubic feet.
In London, Brent crude rose $1.35 to settle at $79.89 on the ICE futures exchange.
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