Oil rises to near $105 on demand prospects
The Jakarta Post
The Jakarta Post
Oil rose to near $105 a barrel Tuesday on expectations for rising demand as the global economy strengthens.
Benchmark U.S. oil for July delivery was up 37 cents to $104.78 a barrel at 0750 GMT in electronic trading on the New York Mercantile Exchange. It soared $1.75 to close at $104.41 on Monday and is now at its highest since early April.
Recent economic indicators that suggest stronger global growth include Japan raising its January-March GDP number, a fourth month of solid hiring in the U.S. and China's export growth accelerating in May.
Adding to upward pressure on oil prices are talks on the Ukraine crisis, which started Sunday in Kiev between Ukraine, Russia, and the Organization for Security and Cooperation in Europe. The talks were expected to continue daily, but there is no sign so far of an immediate resolution.
Brent crude, a benchmark for international oils, inched up 1 cent to $109.16 a barrel in London.
In other energy futures trading on Nymex:
' Wholesale gasoline rose 0.4 cent to $2.988 a gallon.
' Natural gas fell 0.2 cent to $2.893 per 1,000 cubic feet.
' Heating oil added 0.2 cent to $2.893 a gallon. (**)
You might also like :
- BTS presents tearful, beautiful finale of ‘Wings’ tour in Seoul
- Foreign prisoner escapes from Kerobokan prison
- Online shops not causing closure of retail outlets: BPS
- Heavy rainfall in Jakarta topples trees, disrupts traffic
- Floods, toppled trees disrupt Transjakarta services
- Heavy rainfall unanticipated, says BPBD
- Jakarta administration criticized for not uploading meeting videos
- ‘Wonder’, a wonderfully heartwarming film for all
- Chengdu tops list as China's happiest city
- Qatar interested in investing in Mandalika tourism zone: Luhut