Loading...
See More

Oil gets lift from US supply report

Feb 28 2013 08:11 AP

(File, AP)

Related Articles

Oil dips as Italy polls spark concern

Oil prices rebound in Asia

Oil falls following ECB warning

Oil prices mixed in Asian trade

Oil prices climb on US jobs report

Oil falls as traders eye Italy elections

 

New York - Oil prices found little momentum on Wednesday, even amid more signs of an improving US economy.

Benchmark oil for April delivery rose 13 cents to finish at $92.76 a barrel on the New York Mercantile Exchange. That was down from a high of $93.37, reached after another positive report on housing and government data showing US oil supplies rose less than expected last week.

The number of Americans who signed contracts to buy homes rose in January from December to the highest level in almost three years. The National Association of Realtors' index for pending home sales rose 4.5% to the highest point since April 2010. The report boosted to US stock markets, and the major indexes were up about 1% in afternoon trading.

Crude inventories increased by 1.1 million barrels, to 377.5 million barrels, according to the weekly report from the Energy Department's Energy Information Administration. That was less than half the increase expected by analysts.

Still, supplies are 9.5% above year-ago levels, which likely kept traders' enthusiasm to buy in check.

Brent crude, used to price many kinds of oil imported by US refineries, fell 84 cents to end at $111.87 on the ICE Futures exchange In London.

In other energy futures trading on the Nymex:

  • Wholesale gasoline was down 9 cents to finish at $3.11 a gallon.
  • Heating oil fell 4 cents to end at $2.99 a gallon.
  • Natural gas fell 2 cents to finish at $3.43 per 1 000 cubic feet.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...