Oil up on growing crude supplies
APBANGKOK--Oil prices were slightly higher Thursday as reports of a moderately improving U.S. economy, which suggests increased fuel consumption, were neutralized by growing crude supplies.
March 8, 2013, 12:16 am TWN
Benchmark oil for April delivery was up 11 cents to US$90.54 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 39 cents to close at US$90.43 per barrel on the Nymex on Wednesday.
The death on Tuesday of President Hugo Chavez of Venezuela, which sits on the world's second-largest oil reserves, has had little immediate effect on the price of oil so far.
Chavez oversaw a decline in oil production during his 14 years as the leader of Venezuela. Traders are anxious to see if the new government invites foreign investment in Venezuela's oil industry and is able to boost output.
Brent crude, used to price many kinds of oil imported by U.S. refineries, was unchanged at US$111.06 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
— Wholesale gasoline dropped 0.6 cent to US$3.118 a gallon.
— Heating oil fell 0.5 cent to US$2.971 a gallon.
— Natural gas rose 2.6 cents to US$3.496 per 1,000 cubic feet.