Oil below US$102 on weak US economic data
May 17, 2014, 12:06 am TWN
The price of oil fell below US$102 a barrel Thursday as weak economic data in the U.S. suggested demand for crude could fall.
Benchmark U.S. crude for June delivery fell 87 cents to close at US$101.50 a barrel in New York.
Brent crude, a benchmark for international oil used by many U.S. refineries, rose 25 cents to close at US$110.44 a barrel in London.
Brent crude was lifted by the continued absence of Libyan crude from the market as a result of disputes at export terminals, and a forecast for higher global demand by the International Energy Agency. The Paris-based IEA raised its forecast for 2014 global crude demand to 92.8 million barrels a day, 65,000 barrels a day more than its previous forecast a month ago.
“While OPEC has more than enough capacity to deliver, it remains to be seen whether it will manage to overcome the above-ground hurdles that have plagued some of its member countries lately,” the IEA said in its monthly Oil Market Report.
The average retail price of gasoline rose less than a penny to US$3.64 per gallon.
In other energy futures trading in New York:
— Wholesale gasoline fell 0.5 cent to close at US$2.964 a gallon.
— Natural gas rose 10.2 cents to close at US$4.469 per 1,000 cubic feet.
— Heating oil fell 1.2 cents to close at US$2.951 a gallon.