70.9 F
Fort Worth
Saturday, April 10, 2021

Oil pushes toward $106 as US growth improves

File art

PAMELA SAMPSON, AP Business Writer

BANGKOK (AP) — Faster economic growth in the U.S. and tightening crude supplies helped push up oil prices Thursday.

Benchmark oil for September delivery was up 54 cents to $105.58 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained $1.95, or 1.9 percent, to close at $105.03 on Wednesday.

Oil stockpiles in the U.S. fell by 740,000 barrels to 369.9 million barrels for the week ending July 26, according to the American Petroleum Institute. The U.S. Energy Department reported that supplies rose by 400,000 barrels last week, although supplies at the crucial Cushing, Oklahoma, hub for benchmark West Texas Intermediate crude declined by 1.9 million barrels.

The oil price was also boosted by better-than-expected U.S. economic growth for the second quarter of 2013. The Commerce Department said Wednesday that the economy grew at a 1.7 percent annual rate in the April-June quarter, better than a revised 1.1 percent rate for the first quarter.

On Friday, attention will be focused on the release of hiring figures for July, which will be examined for hints about future energy demand in the world’s No. 1 economy.

Brent crude, traded on the ICE Futures exchange in London, rose 45 cents to $108.13 per barrel.

In other energy futures trading on Nymex:

— Heating oil was up 1.5 cents to $3.07 a gallon.

— Natural gas fell 0.3 cents to $3.443 per 1,000 cubic feet.

— Wholesale gasoline was little changed at $2.997 a gallon.

 

 

 

Get our email updates

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

Stay Connected

7,426FansLike
1,942FollowersFollow
11,832FollowersFollow
93SubscribersSubscribe

Join Our Newsletter

Latest Articles