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Oil back above $96 on U.S. steady hiring

U.S. benchmark oil for July delivery gained 81 cents to close at $96.69 a barrel on the New York Mercantile Exchange.

The Associated Press

6/13/2013

NEW YORK — The price of oil rose above $96 a barrel Thursday on signs of steady hiring and resilient consumer spending in the U.S.

U.S. benchmark oil for July delivery gained 81 cents to close at $96.69 a barrel on the New York Mercantile Exchange.

A pair of economic reports in the U.S. boosted oil.

The number of Americans seeking unemployment benefits fell to 334,000 last week, below what economists had expected, the government said. Another report showed that U.S. retail sales increased 0.6 percent in May from April. That's the fastest pace since February.

Elsewhere the economic news didn't bode as well for energy demand.

The World Bank now expects the economy of the eurozone, the 17 countries sharing the euro currency, to contract by 0.6 percent this year. Its previous forecast was for a 0.1 percent contraction.

Brent crude, a benchmark for many international oil varieties, was up 76 cents to end at $104.25 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline added 5 cents to finish at $2.86 a gallon.

— Heating oil gained 4 cents to end at $2.94 per gallon.

— Natural gas rose 4 cents to finish at $3.81 per 1,000 cubic feet.

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

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

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