Sunday, September 26, 2021
87.9 F
Fort Worth

Oil gains on China export growth, solid US jobs

🕐 1 min read

The Associated Press

Oil prices rose Monday after China’s exports rose in May, auguring stronger demand from manufacturers in the world’s second-largest economy.

Benchmark U.S. oil for July delivery was up 16 cents to $102.82 a barrel at 0615 GMT in electronic trading on the New York Mercantile Exchange. The contract closed Friday up 18 cents at $102.66.

Brent crude, a benchmark for international oils, was up 9 cents to $107.95 a barrel in London.

China reported Sunday that exports rose 7 percent in dollar terms in May, up from a 0.9 percent increase in April that followed a slump in February and March.

Although imports fell, suggesting weaker demand within China, the surge in exports reinforced confidence that the U.S. and European recoveries will drive stronger demand for commodities, including oil.

U.S. employment figures released Friday also suggested stronger demand for oil. Employers added 217,000 jobs during May, the fourth straight month of decent growth.

In other energy futures trading on Nymex:

— Wholesale gasoline was up 0.3 cent at $2.942 a gallon.

— Natural gas rose 2.2 cents to $4.732 per 1,000 cubic feet.

— Heating oil was little changed at 42.871 a gallon.

 

 

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Related Articles

Our Digital Sponsors

Latest Articles

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate