SINGAPORE (AP) - Oil prices hovered below $ 109 a barrel Friday in Asia, the U.S. economic indicators have continued to improve and tensions simmered on the nuclear program of Iran.
The reference oil for April delivery was up 2 cents to $ 108.86 in electronic trading on the New York Mercantile Exchange. The contract rose $ 1.77 to $ 108.84 a barrel in New York Thursday. Brent was steady at 126.20 dollars a barrel in London.
Crude rose to $ 110.55 earlier in the day after an unconfirmed report of Iranian media explosion of a pipeline in Saudi Arabia. Saudi officials later denied the report.
Oil prices rose $ 96 last month amid fears that the conflict over Iran's nuclear program could trigger a disruption of world supply of crude. The United States and Europe are imposing sanctions on Iran as the country in the Middle East threatened to cut supplies to some countries and to stop oil tankers transiting the Strait of Hormuz in the Persian Gulf .
Israel said Thursday it plans to test-fire from a ballistic missile interceptor new. Israeli Prime Minister Benjamin Netanyahu will meet with U.S. President Barack Obama Monday to discuss Iran.
Signs of an improving economy of the United States have also strengthened investor optimism and crude oil prices. The government said Thursday that applications for unemployment benefits hit a four-year low, while residential construction spending has increased and major retailers reported stronger than expected sales in February.
"Investors have been buying on Iran and fears about the general expectations for a stronger economy," energy consultant Cameron Hanover said in a report. However, "it is difficult for the economy to grow at Gasoline and oil prices as high as they are. "
Some analysts are more optimistic than the U.S. economy can continue to improve, despite high fuel costs. U.S. prices of retail gasoline rose to an average of $ 3.74 per gallon this week, 31 cents more than a month ago.
"Just as we managed to recover the last year with gasoline well above $ 3, we'll make our way over $ 4 and even $ 5," Carl Larry of Oil and prospects notice says .
In energy trading on the other hand, heating oil fell 0.7 percent to $ 3.27 a gallon and gasoline futures were down 2 cents to $ 3.33 gallon. Natural gas rose 1 cent to $ 2.47 per 1,000 cubic feet.
The reference oil for April delivery was up 2 cents to $ 108.86 in electronic trading on the New York Mercantile Exchange. The contract rose $ 1.77 to $ 108.84 a barrel in New York Thursday. Brent was steady at 126.20 dollars a barrel in London.
Crude rose to $ 110.55 earlier in the day after an unconfirmed report of Iranian media explosion of a pipeline in Saudi Arabia. Saudi officials later denied the report.
Oil prices rose $ 96 last month amid fears that the conflict over Iran's nuclear program could trigger a disruption of world supply of crude. The United States and Europe are imposing sanctions on Iran as the country in the Middle East threatened to cut supplies to some countries and to stop oil tankers transiting the Strait of Hormuz in the Persian Gulf .
Israel said Thursday it plans to test-fire from a ballistic missile interceptor new. Israeli Prime Minister Benjamin Netanyahu will meet with U.S. President Barack Obama Monday to discuss Iran.
Signs of an improving economy of the United States have also strengthened investor optimism and crude oil prices. The government said Thursday that applications for unemployment benefits hit a four-year low, while residential construction spending has increased and major retailers reported stronger than expected sales in February.
"Investors have been buying on Iran and fears about the general expectations for a stronger economy," energy consultant Cameron Hanover said in a report. However, "it is difficult for the economy to grow at Gasoline and oil prices as high as they are. "
Some analysts are more optimistic than the U.S. economy can continue to improve, despite high fuel costs. U.S. prices of retail gasoline rose to an average of $ 3.74 per gallon this week, 31 cents more than a month ago.
"Just as we managed to recover the last year with gasoline well above $ 3, we'll make our way over $ 4 and even $ 5," Carl Larry of Oil and prospects notice says .
In energy trading on the other hand, heating oil fell 0.7 percent to $ 3.27 a gallon and gasoline futures were down 2 cents to $ 3.33 gallon. Natural gas rose 1 cent to $ 2.47 per 1,000 cubic feet.
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