BANGKOK (AP) — Oil prices rose to near $94 on Monday, supported by signs of economic recovery in the U. S. and China.

Benchmark oil for February delivery was up 33 cents to $93.89 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped 26 cents to finish at $93.56 a barrel in New York on Friday.

Gordon Kwan, head of energy research at Mirae Asset Securities Ltd. in Hong Kong, said oil prices were rising on signs that the fragile economic recoveries in the world's two biggest economies appeared to be gaining traction. The U. S. housing market has shown steady improvement, while China's trade growth rebounded strongly in December.

"China and the U. S. appear to be on a very solid track of economic recovery. This supports oil prices at much higher levels." He said that prices were also moving up because of increased energy consumption in China, which is enduring its coldest winter in nearly three decades.

"There is the possibility that West Texas Intermediate could reach $95 per barrel in the coming days and Brent could go to $115," Kwan said.

Brent crude, used to price international varieties of oil, was up 27 cents to $110.91 per barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline was almost unchanged at $2.755 a gallon.

— Heating oil rose 1.5 cents to $3.023 a gallon.

— Natural gas rose 3.8 cents to $3.365 per 1,000 cubic feet.

___

Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel