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Oil ends at $91.43 on hope for Europe rate cut

U.S. benchmark oil for June delivery rose $2.25 to finish at $91.43 a barrel on the New York Mercantile Exchange.

The Associated Press

4/24/2013

NEW YORK — Oil was headed for its biggest gain in nearly a month as oil supplies rose less than expected in the U.S. and speculation built that the European Central Bank will cut interest rates.

U.S. benchmark oil for June delivery rose $2.25 to finish at $91.43 a barrel on the New York Mercantile Exchange.

Oil rose as expectations mounted among investors for a rate cut next week from the ECB following another weak business survey in Germany, Europe's biggest economy. The gains grew after the U.S. Energy Department said crude oil supplies rose by 900,000 barrels, or 0.2 percent, to 388.6 million barrels last week. Analysts expected an increase of 1.4 million barrels.

A big decline in gasoline supplies was also positive for oil prices, indicating that demand picked up somewhat, although it was still down 1.7 percent over the four weeks ended April 19.

Brent crude, which is used to price oil used by many U.S. refiners, rose $1.28 to $101.59 a barrel on the ICE futures exchange in London.

In other energy futures trading on the Nymex:

— Gasoline rose 2 cents to $2.74 per gallon.

— Heating oil added 3 cents to $2.83 a gallon.

— Natural gas fell 7 cents to $4.17 per 1,000 cubic feet.

Pamela Sampson in Bangkok and Pablo Gorondi in Budapest contributed to this report.

The Trucker staff can be reached to comment on this article at editor@thetrucker.com.

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