Breaking News, World News and Taiwan News.

Oil holds steady below US$100 on slower US economy growth

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.

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  |   Terms of Use  |   Sitemap
  chinapost search