Breaking News Bar
updated: 1/25/2013 7:07 AM

Oil rises above $96 despite growing stockpiles

hello
Success - Article sent! close
  • An oil pump works at sunset in the desert oil fields of Sakhir, Bahrain.

      An oil pump works at sunset in the desert oil fields of Sakhir, Bahrain.
    Associated Press

 
Associated Press

BANGKOK -- The price of oil topped $96 per barrel Friday despite ample stockpiles of crude amid signs of growth in the world's two largest economies.

Benchmark oil for March delivery was up 31 cents to $96.26 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 72 cents to finish at $95.95 a barrel on the Nymex on Thursday.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Recent optimism about improving economies in the U.S. and China has helped support an upswing in oil prices. The U.S. housing and jobs markets have shown improvement, while China's manufacturing output has been gaining steam.

However, Michael Hewson of CMC Markets said that "prices could slip back" if crude inventories continue to rise. The Energy Information Administration said Thursday that U.S. oil supplies rose by 2.8 million barrels last week, more than analysts expected. That pushed oil stockpiles to 363.1 million barrels, up 8.5 percent from year-ago levels.

Brent crude, used to price international varieties of oil, rose 4 cents to $113.32 per barrel on the ICE Futures exchange in London. Hewson said the price of Brent is "stuck firmly in a dead zone of inactivity, but near its recent range highs."

In other energy futures trading on Nymex:

-- Wholesale gasoline fell 0.4 cent to $2.873 per gallon.

-- Natural gas rose 3.1 cents to $3.477 per 1,000 cubic feet.

-- Heating oil dropped 0.1 cent to $3.076 a gallon.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here