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Oil rises on US, China factory strength

🕐 1 min read

The Associated Press

BEIJING (AP) — Oil prices 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 gained 14 cents to $105.48 per barrel in New York, reversing four days of declines. The contract closed at a 10-month high of $107.26 on June 20.

Brent crude, a benchmark for international oils used by many U.S. refineries, gained 9 cents to $112.38 per barrel in London.

Manufacturing activity in China, the world’s biggest oil importer, grew in June, according to separate 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 a fraction of a penny to $3.04 per gallon.

—Natural gas gained 0.2 cents to $4.447 per 1,000 cubic feet.

—Heating oil held steady at $2.978 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.

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