Breaking News, World News and Taiwan News.

Oil rises on factory strength in US and China

AP--The price of oil edged up Wednesday on stronger manufacturing activity in the United States and China, the two biggest oil consumers.

Benchmark U.S. crude for August delivery was up 8 cents to $105.42 per barrel at 0800 GMT in electronic trading on the New York Mercantile Exchange, breaking four days of declines. The contract closed at a 10-month high of US$107.26 on June 20.

Brent crude, a benchmark for international oils, fell 13 cents to $112.16 per barrel in London.

Manufacturing activity in China, the world's biggest oil importer, grew in June, according to surveys by HSBC Corp. and a Chinese industry group.

In the United States, manufacturing grew for a 13th successive month, though at a slower pace than in May.

Oil prices have risen in recent weeks on concerns that violence in Iraq, OPEC's second-largest exporter, would cut supplies. They stabilized late last week as the stunning initial advance by insurgents lost momentum.

In other energy futures trading on the Nymex:

_ Wholesale gasoline rose 0.2 cent to US$3.0381 a gallon.

_ Natural gas fell 0.8 cent to US$4.447 per 1,000 cubic feet.

_ Heating oil dropped 0.2 cents to US$2.976 a gallon.

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