Oil Back Above $103 Ahead On Supply Drop
The price of oil rose above $103 barrel Thursday on a drop in supplies at the main U.S. oil trading hub and signs of growing gasoline demand in the U.S.
Benchmark crude for July delivery rose 86 cents to close at $103.58 a barrel in New York. On Wednesday, the Nymex contract dropped $1.39 to close at $102.72.
Brent crude, a benchmark for international oil used by many U.S. refineries, rose 16 cents to close at $109.97 a barrel in London.
The Energy Department said Thursday that supplies fell by 1.5 million barrels last week in Cushing, Oklahoma, where U.S. benchmark crude is priced, although overall U.S. inventories rose by 1.7 million barrels.
Gasoline supplies fell by 1.8 million barrels, suggesting demand for fuel is strong and refiners will need to buy more oil to keep up.
Internationally, prices were still supported by the crisis in eastern Ukraine, where pro-Russia rebels shot down a government military helicopter, killing 14 soldiers. Ukraine is a main transit route for Russian energy shipments to Europe.
In other energy futures trading in New York:
- Wholesale gasoline was rose 0.8 cent to close at $2.996 a gallon.
- Natural gas fell 5.6 cents to close at $4.559 per 1,000 cubic feet.
- Heating oil fell a penny to close at $2.920 a gallon.
AP Writer Pablo Gorondi contributed to this report from Budapest.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Baker Hughes Awards Kuwait Drilling Contracts
- Pemex's Oil Find May Not Be a Silver Bullet
- Oil Near 12-Week High after Surprise Saudi Curbs
- 40pc of Offshore Norway Output Electrified by 2025
- Texas Deepwater Oil Port Project Advances
- China Sets Up National Pipeline Company
- Tullow CEO Resigns
- Oil Prices Fall Modestly
- Aramco Stock Will Have Plenty of Support
- Petronas Raises $1.4 Billion
- Halliburton Confirms More Layoffs in Oklahoma
- Shale Has Delinked US Oil and Gas Prices
- Pirates Board Oil Supertanker, Kidnap 19 Crew Members
- Shale Frac Spread Rebound Hopes Fade
- Chevron Invests in Electric Motor Maker
- N. American Shale Primed for Growth Despite Possible Oil Price Declines
- Despite Challenges, Recruiters Optimistic for 2020
- US Loses Thousands of Upstream Jobs in November
- Energy Transfer Expands Pipeline Network
- Chesapeake Debt Deal Skirts Bankruptcy
- Billionaire Fracking Brothers Hit Hard by Permian Holdings
- SPO Crew Kidnapped Offshore Equatorial Guinea
- Halliburton Confirms More Layoffs in Oklahoma
- Who Actually Controls the World's Oil?
- Shale Has Delinked US Oil and Gas Prices
- Are Investors Really Leaving Oil and Gas?
- Halliburton Shutters Oklahoma Office, Cuts 800 Jobs
- Iran Finds New 53 Billion Barrel Field
- Range Resources Closes Houston Office, Lays Off Staff
- Baker Hughes Signs Long-Term Saudi Arabia Contracts