Related News
Oil up for 4th day on strong intl demand outlook
Source: Agencies |
February 12, 2010, Friday
|
Online Edition
Online Edition
CRUDE prices continued to rise yesterday as a European energy watchdog said global oil demand will grow this year more than previously expected.
Benchmark crude for March delivery added 76 cents to settle at US$75.28 a barrel on the New York Mercantile Exchange. Oil prices have been increasing since Monday.
Experts pointed out, however, that oil is rising despite - not because of - the U.S. economy. Americans have been consuming smaller and smaller amounts of petroleum for the past month, and demand for heating oil will only fall as Spring approaches and the weather turns milder.
What's helped drive prices higher is economic activity overseas, especially in developing countries like China.
The Paris-based International Energy Agency yesterday boosted its estimate for global oil demand after taking a closer look at how much fuel developing nations should burn this year. The IEA revised its 2010 demand forecast from 85.3 million barrels daily to 85.5 million barrels.
However, the agency said that oil demand in North America has "virtually stalled" after the recession with the availability of cheaper alternatives like natural gas and coal and better fuel efficiency in passenger vehicles.
If oil continues to rise on foreign consumption, Americans may see their energy prices grow even though they're not using more fuel. So far, however, that hasn't happened.
Meanwhile, the Labor Department said first-time claims for jobless benefits dropped by 43,000 to a seasonally adjusted 440,000. The report raised hopes that the economy may add jobs soon and increase demand for oil and gasoline.
Oil continued to rise even after a blizzard dumped more than a foot (0.3 meters) of snow along parts of the East Coast. The weather grounded thousands of commercial flights and forced motorists in numerous cities to work from home.
The storm forced Continental to cancel at least 900 flights on Wednesday. United and Southwest canceled 600 apiece and American scrubbed hundreds of flights as well.
In other Nymex trading in March contracts, heating oil rose 1.61 cents to settle at US$1.963 a gallon, and gasoline added less than a penny to settle at US$1.9357 a gallon. Natural gas gained 10.4 cents to settle at US$5.396 per 1,000 cubic feet.
In London, Brent crude increased 51 cents to settle at US$73.05 a barrel on the ICE futures exchange.
Benchmark crude for March delivery added 76 cents to settle at US$75.28 a barrel on the New York Mercantile Exchange. Oil prices have been increasing since Monday.
Experts pointed out, however, that oil is rising despite - not because of - the U.S. economy. Americans have been consuming smaller and smaller amounts of petroleum for the past month, and demand for heating oil will only fall as Spring approaches and the weather turns milder.
What's helped drive prices higher is economic activity overseas, especially in developing countries like China.
The Paris-based International Energy Agency yesterday boosted its estimate for global oil demand after taking a closer look at how much fuel developing nations should burn this year. The IEA revised its 2010 demand forecast from 85.3 million barrels daily to 85.5 million barrels.
However, the agency said that oil demand in North America has "virtually stalled" after the recession with the availability of cheaper alternatives like natural gas and coal and better fuel efficiency in passenger vehicles.
If oil continues to rise on foreign consumption, Americans may see their energy prices grow even though they're not using more fuel. So far, however, that hasn't happened.
Meanwhile, the Labor Department said first-time claims for jobless benefits dropped by 43,000 to a seasonally adjusted 440,000. The report raised hopes that the economy may add jobs soon and increase demand for oil and gasoline.
Oil continued to rise even after a blizzard dumped more than a foot (0.3 meters) of snow along parts of the East Coast. The weather grounded thousands of commercial flights and forced motorists in numerous cities to work from home.
The storm forced Continental to cancel at least 900 flights on Wednesday. United and Southwest canceled 600 apiece and American scrubbed hundreds of flights as well.
In other Nymex trading in March contracts, heating oil rose 1.61 cents to settle at US$1.963 a gallon, and gasoline added less than a penny to settle at US$1.9357 a gallon. Natural gas gained 10.4 cents to settle at US$5.396 per 1,000 cubic feet.
In London, Brent crude increased 51 cents to settle at US$73.05 a barrel on the ICE futures exchange.
- 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.
