Oil snaps 2 days of steep losses, gains modest
APBANGKOK--The price of oil snapped two days of steep losses Friday. Ample supplies and worries about the global economic outlook kept gains in check.
February 23, 2013, 12:01 am TWN
Benchmark crude for April delivery was up 47 cents to US$93.30 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.
The contract fell US$2.38, or 2.5 percent, to finish at US$92.84 per barrel in New York on Thursday, the second drop of 2 percent or more in two days.
Brent crude, which is used to price oil used to make gasoline in many U.S. refineries, was up 91 cents at US$114.44 a barrel on the ICE futures exchange in London.
In other energy futures trading on the Nymex:
— Natural gas was up 1 cent at US$3.256 per 1,000 cubic feet.
— Heating oil gained 1.6 cents to US$3.111 per gallon.
— Wholesale gasoline rose 2.2 cents to US$3.256 per gallon.