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Friday, February 26, 2021

Oil steady ahead of China manufacturing report

The Associated Press

The price of oil was little changed near $102 a barrel Monday ahead of a Chinese manufacturing report.

Benchmark U.S. crude for May delivery was down 4 cents to $101.63 a barrel at 0730 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 39 cents Friday to settle at $101.67 and for the week gained 2 percent, propelled by signs of stronger economic growth in the U.S. and global supply concerns.

China is set to release official manufacturing figures for March on Tuesday that could cement expectations for new stimulus in the world’s second-biggest economy.

Another survey released last week showed manufacturing at an eight-month low in March, which suggested China’s economy is continuing to slow. Growth of 7.7 percent last year was the slowest in two decades.

Brent crude, a benchmark for international varieties of oil, was down 13 cents to $107.94 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 0.7 cent to $2.93 a gallon.

— Heating oil shed 0.5 cent to $2.94 a gallon.

— Natural gas fell 3.5 cents to $4.45 per 1,000 cubic feet.

 

 

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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