Advanced Search

Related News

Home » Business » Energy

Oil soars on positive signs for global economy

Source: Agencies | August 2, 2013, Friday | Online Edition
The price of oil is suddenly marching upward again.
 
Oil rose US$2.86 a barrel yesterday, for a two-day gain of US$4.81, or 4.7 percent. That erased a US$4 decline in the week ended Tuesday.
 
Positive signs on the global economy were the catalyst yesterday. Data from China and Europe showed improvement in manufacturing. In the US, in addition to a strong report on manufacturing, a drop in unemployment claims indicated a strengthening job market.
 
Even with those signs of improvement, global central bankers show no inclination of easing up on measures that have kept interest rates at historic lows — and prompted investment in riskier assets like oil and stocks.
 
Yesterday Mario Draghi, head of the European Central Bank, indicated it is nowhere near withdrawing its help for the euro area's economy. On Wednesday the US Federal Reserve hinted that it's not ready to slow its bond-buying program, which has kept long-term rates low in an effort to boost borrowing and spending.
 
US benchmark oil for September delivery gained 2.7 percent to close at US$107.89 a barrel on the New York Mercantile Exchange.
 
Brent crude, traded on the ICE Futures exchange in London, rose US$1.84 to finish at US$109.54 per barrel.
 
Today attention will be focused on the release of hiring figures for July, which will be examined for hints about future energy demand in the world's No. 1 economy
 
In other energy futures trading on the Nymex:
 
— Heating oil was up 4 cents to end at US$3.10 a gallon.
 
— Natural gas fell 6 cents to finish at US$3.39 per 1,000 cubic feet.
 
— Wholesale gasoline rose 3 cents to end at US$3.03 a gallon.
 
 
Energy


 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend