Breaking News, World News and Taiwan News.

Price of oil remains steady after stronger US economic growth

KUALA LUMPUR--The price of oil was steady Friday after being buoyed by stronger economic growth in the world's largest economy.

Benchmark U.S. crude for January delivery was up 2 cents at US$97.40 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. On Thursday, oil rose to near US$98 for the first time in five weeks before closing at US$97.38, up 18 cents.

U.S. data showed the outlook for hiring is improving and the economy is growing at its fastest pace in more than a year.

The Commerce Department said the U.S. economy grew at a 3.6 percent annual rate in July through September, the fastest since early 2012. The numbers signaled some momentum in the economy, although some economists cautioned that nearly half the growth came from a buildup in business stockpiles, a trend that could reverse in the current quarter.

Brent crude, a benchmark for international oils, gained 27 cents to US$111.25 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 0.7 cent to US$2.719 a gallon.

— Heating oil added 0.3 cent to US$3.053 a gallon.

— Natural gas eased 0.6 cent to US$4.126 per 1,000 cubic feet.

Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive China Post promos
 Respond to this email
WSJA
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   English Courses  |   Terms of Use  |   Sitemap
  chinapost search