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May 29, 2017

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Oil hovers above US$100 despite supplies

AP--The price of oil remained above US$100 a barrel Thursday as traders held positions after a surge the day before despite a larger-than-expected increase in oil supplies.

Benchmark U.S. crude for May delivery was up 1 cent to US$100.27 at 0750 GMT in electronic trading on the New York Mercantile Exchange. It jumped US$1.07 the day before.

Brent crude, a contract for international varieties of oil, fell 15 cents to US$106.89 on the ICE exchange in London.

A report by the U.S. Energy Department showed crude oil supplies rose more than twice the gain expected by analysts, to 6.3 million barrels, according to Platts.

But that increase was offset by declines in gasoline supplies and supplies at the oil hub in Cushing, Oklahoma, where benchmark U.S. oil is priced,

In other energy futures trading on Nymex:

— Wholesale gasoline was down 0.2 cent at US$2.904 a gallon.

— Heating oil was steady at US$2.919 a gallon.

— Natural gas fell 2.2 cents to US$4.38 per 1,000 cubic feet.

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