Oil rises to US$108 as US economy brightens
By Pamela Sampson, APBANGKOK--Oil prices rose Thursday after new U.S. indicators underlined a modest recovery in the world's biggest economy.
September 7, 2013, 12:03 am TWN
Benchmark oil for October delivery was up 72 cents to US$107.95 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell Wednesday by US$1.31, or 1.2 percent, to close at US$107.23 a barrel on the Nymex.
Investors will be monitoring fresh information on U.S. stockpiles of crude and refined products.
Data for the week ending Aug. 30 is expected to show draws of 2.5 million barrels in crude oil stocks and 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
Brent, the benchmark for international crudes, rose 37 cents to US$115.28 a barrel on the ICE Futures exchange in London. Prices of Brent have risen sharply due to fears the U.S. could intervene militarily in Syria's civil conflict.
In other energy futures trading on Nymex:
— Wholesale gasoline was almost unchanged at US$2.865 per gallon.
— Heating oil rose 1 cent to US$3.147 per gallon.
— Natural gas was steady at US$3.683 per 1,000 cubic feet.