Related News
Oil wavers around US$60 as consumers scale back
Source: Agencies |
July 10, 2009, Friday
|
Online Edition
Online Edition
OIL prices wavered around US$60 per barrel yesterday with new consumer and employment data casting a pall over energy markets, but still rose slightly at the close for the first time in more than a week.
Benchmark crude for August delivery rose 27 cents to settle at US$60.41 a barrel on the New York Mercantile Exchange.
Still, crude prices in intraday trading fell below US$60 for the first time since May.
Consumers fearful of job cuts, or those who lost jobs, are spending less, which has dragged down everything from retail to gasoline sales.
America's retailers posted tepid sales figures yesterday, showing consumers put off purchases of clothes and other goods last month.
The Labor Department said the number of unemployed Americans filing continuing claims jumped last week, though the number of newly laid off workers filing their first claim has slumped.
The Labor Department said last week that employers cut 467,000 jobs in June and the unemployment rate rose to 9.5 percent, the highest in 25 years.
That has helped push inventories of gasoline higher, the Department of Energy reported this week, and on yesterday, the government said natural gas stores continued to rise as well.
"That's not a good sign," said Clarence Chu, a trader at Hudson Capital Energy. "It shows demand for gasoline hasn't picked up like it normally does this time of year."
In other Nymex trading, heating oil fell less than a penny to settle at US$1.5344 a gallon, but gasoline for August delivery rose 3.05 cents to settle at US$1.6638 a gallon. Natural gas for August delivery rose 5.5 cents to settle at US$3.408 per 1,000 cubic feet.
In London, Brent prices rose 67 cents to settle at US$61.10 a barrel on the ICE Futures exchange.
Benchmark crude for August delivery rose 27 cents to settle at US$60.41 a barrel on the New York Mercantile Exchange.
Still, crude prices in intraday trading fell below US$60 for the first time since May.
Consumers fearful of job cuts, or those who lost jobs, are spending less, which has dragged down everything from retail to gasoline sales.
America's retailers posted tepid sales figures yesterday, showing consumers put off purchases of clothes and other goods last month.
The Labor Department said the number of unemployed Americans filing continuing claims jumped last week, though the number of newly laid off workers filing their first claim has slumped.
The Labor Department said last week that employers cut 467,000 jobs in June and the unemployment rate rose to 9.5 percent, the highest in 25 years.
That has helped push inventories of gasoline higher, the Department of Energy reported this week, and on yesterday, the government said natural gas stores continued to rise as well.
"That's not a good sign," said Clarence Chu, a trader at Hudson Capital Energy. "It shows demand for gasoline hasn't picked up like it normally does this time of year."
In other Nymex trading, heating oil fell less than a penny to settle at US$1.5344 a gallon, but gasoline for August delivery rose 3.05 cents to settle at US$1.6638 a gallon. Natural gas for August delivery rose 5.5 cents to settle at US$3.408 per 1,000 cubic feet.
In London, Brent prices rose 67 cents to settle at US$61.10 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.
