Breaking News Bar
updated: 2/20/2013 6:36 AM

Oil price rises ahead of U.S. housing data

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 rose Wednesday ahead of the release of U.S. housing starts for January.

Benchmark crude for April delivery was up 30 cents to $97.40 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The March contract expires Wednesday. It rose 80 cents to finish at $96.66 per barrel on the Nymex on Tuesday.

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

Later in the day, the U.S. Commerce Department will release housing starts for the month of January, a key gauge of the real estate industry and economy. In December, builders broke ground on houses and apartments at a seasonally adjusted annual rate of 954,000. That was 12.1 percent higher than November's annual rate.

A report on Tuesday showed that confidence among homebuilders slipped, as builders remain concerned about the sturdiness of the U.S. economy and the risk of rising unemployment.

In Germany, a survey of investor confidence was upbeat on Tuesday, but traders are concerned about the possible outcome of a weekend parliamentary election in Italy. Traders are worried that a change in leadership could derail efforts to end Europe's financial crisis.

Analysts at Credit Agricole CIB in Hong Kong wrote in a market commentary that the polls "may yet dampen confidence so we would caution about becoming too excited."

Brent crude, used to price many international varieties of oil, was up 7 cents to $117.59 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

-- Heating oil rose 0.9 cent to $3.191 per gallon.

-- Wholesale gasoline was nearly unchanged at $3.316 per gallon.

-- Natural gas added 1.7 cents to $3.289 per 1,000 cubic feet.

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.