Oil rises on hopes that resumption of ‘fiscal cliff’ talks in Washington will yield results
By The Associated Press - Thursday, December 27, 2012 - 0 Comments
BANGKOK – Oil prices climbed Thursday as U.S. political leaders prepared for one last…
BANGKOK – Oil prices climbed Thursday as U.S. political leaders prepared for one last try at reaching a budget deal to avoid the so-called “fiscal cliff.”
Benchmark oil for February delivery rose 27 cents at late afternoon Bangkok time to US$91.25 per barrel in electronic trading on the New York Mercantile Exchange. Prices rose sharply Wednesday on higher U.S. home prices and hopes of a budget deal in Washington. The contract jumped $2.37, or 2.7 per cent, to finish at $90.98 per barrel in thin post-Christmas trading in New York.
President Barack Obama was returning to Washington on Thursday after a brief vacation to resume budget talks with Congress. Negotiations are aimed at avoiding the “fiscal cliff,” the deep budget cuts and tax increases that would kick in on Jan. 1 and that some say would send the U.S. into another recession.
Later Thursday, the Conference Board will release its December survey of consumer confidence. The forecast is that the confidence index declined to a reading of 71 from 73.7 in November. A separate survey last week from the University of Michigan showed consumer confidence tumbled this month. Consumers may be starting to worry about whether Congress and Obama can reach a budget deal.
In London, Brent crude, used to price various kinds of foreign oil, fell 11 cents to $110.96 per barrel.
In other energy futures trading on the New York Mercantile Exchange:
–Heating oil rose marginally to $3.0367 a gallon.
–Wholesale gasoline fell 0.1 cent to $2.8148 a gallon.
–Natural gas fell 2.3 cents to $3.369 per 1,000 cubic feet.
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Oil rises on housing data, resumption of ‘fiscal cliff’ talks in Washington amid thin trading
By The Associated Press - Wednesday, December 26, 2012 at 5:04 PM - 0 Comments
NEW YORK, N.Y. – The price of oil rose sharply Wednesday on higher U.S….
NEW YORK, N.Y. – The price of oil rose sharply Wednesday on higher U.S. home prices and hopes of a budget deal in Washington.
U.S. benchmark crude jumped $2.37, or 2.7 per cent, to finish at $90.98 per barrel in thin post-Christmas trading in New York.
U.S. home prices rose in most major cities in October compared with a year ago, according to a key report. The improvement is adding to economic growth, which generally boosts energy consumption and lifts prices.
President Barack Obama will return to Washington Thursday after a brief vacation to resume budget talks with Congress. Negotiations are aimed at avoiding the “fiscal cliff,” the deep budget cuts and tax increases that could slow U.S. growth.
While traders and investors kept an eye on the economy and the fiscal cliff, analysts noted that light trading volume around the holidays can mean broad swings in crude prices.
“We’ve got a very, very thin trade,” said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. “It doesn’t really take much buying to spike it.”
Meanwhile, prices at the pump held steady at a national average of $3.25 a gallon. Gasoline was at its lowest price for the year last Thursday, at an average of $3.22 a gallon.
In London, Brent crude, used to price a various kinds of foreign oil, rose $2.27 to end at $111.07 per barrel.
In other energy futures trading on the New York Mercantile Exchange:
–Heating oil rose 5 cents to finish at $3.05 a gallon.
–Wholesale gasoline rose 7 cents to end at $2.82 a gallon.
–Natural gas rose 5 cents to finish at $3.39 per 1,000 cubic feet.
