Oil rises above US$96 in spite of growing stockpiles of crude

Benchmark oil for March delivery was up 31 cents to US$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 US$95.95 a barrel on the Nymex on Thursday.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 0.4 cent to US$2.873 per gallon.

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

— Heating oil dropped 0.1 cent to US$3.076 a gallon.

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.

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