Oil prices fall toward US$106 a barrel
By Pamela Sampson, APBANGKOK--The price of oil fell Wednesday, as traders responded cautiously to data showing that a stubborn recession in the 17-nation eurozone has ended.
August 15, 2013, 12:07 am TWN
Benchmark crude for September delivery was down 67 cents to US$106.16 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 72 cents to close at US$106.83 on Tuesday.
The European Union countries that use the euro saw their collective economic output grow by 0.3 percent in the April-June quarter from the previous quarter, according to data released Wednesday. That's the first quarterly growth rate since the eurozone slipped into recession in the final quarter of 2011. But the result came largely on the back of improving conditions in Germany and France, which had already escaped the most grueling effects of the recession.
A relatively stronger dollar also worked against oil prices. Oil is traded in dollars and becomes a less attractive investment for holders of other currencies when the value of the greenback rises.
Brent crude, traded on the ICE Futures exchange in London, fell 64 cents to US$109.18 a barrel.
In other energy futures trading on Nymex:
— Heating oil fell 1.4 cents to US$3.033 a gallon.
— Wholesale gasoline fell 1.4 cents to US$2.805 a gallon.
— Natural gas rose 3 cents to US$3.315 per 1,000 cubic feet.