Oil gains, shrugs off weak China manufacturing
APBANGKOK--The price of oil rose Monday, shrugging off a decline in China's manufacturing that was likely partly due to Lunar New Holiday distortions.
February 26, 2013, 12:15 am TWN
Benchmark crude for April delivery was up 31 cents to US$93.44 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 29 cents to settle at US$93.13 in New York on Friday.
Oil dived last week on ample supplies and the possibility of a stronger dollar if the U.S. Federal Reserve started to withdraw monetary stimulus which its most recently released minutes suggested was possible.
The price of crude stabilized Friday, helped by the European Commission's prediction that the recession afflicting the economy of the 17 countries sharing the euro to bottom out during the first half of the year.
Brent crude was up 52 cents on the ICE futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline was up 3.1 cents at US$3.297 a gallon.
— Heating oil added 1.5 cents to US$3.117 a gallon.
— Natural gas rose 6.3 cents to US$3.354 per 1,000 cubic feet.