Oil holds steady below US$100 on slower US economy growth
May 2, 2014, 12:21 am TWN
BEIJING -- The price of oil edged lower Thursday after falling below US$100 per barrel for the first time in three weeks on slower U.S. economic growth and higher supplies.
Benchmark U.S. crude oil for June delivery shed 1 cent to US$99.73 on the New York Mercantile Exchange. Brent crude, an international oil benchmark, added 1 cent to US$108.08 on the ICE Futures exchange in London.
On Wednesday, U.S. crude plunged US$1.54 and Brent fell 91 cents after U.S. first-quarter economic growth of just 0.1 percent disappointed forecasters who expected an expansion of about 1 percent.
The Energy Department said oil supplies rose by 1.7 million barrels last week. While the increase was less than expected by analysts, it still pushed the nation's supply to a record 399.4 million barrels. In addition, gasoline supplies rose by 1.6 million barrels, whereas analysts had expected a decline.
In other energy futures trading on Nymex:
— Wholesale gasoline held steady at US$2.96 a gallon.
— Heating oil was unchanged at US$2.93 a gallon.
— Natural gas was unchanged at US$4.82 per 1,000 cubic feet.