6°c Partly cloudy
16°c Isolated showers
The Canadian Press - ONLINE EDITION
Oil rises ahead of the release of monthly industrial production, inflation data for the US
BANGKOK - (TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)
Oil prices rose Friday ahead of the release of U.S. industrial production and manufacturing figures that analysts expect to show an improving economy.
Benchmark oil for April delivery was up 29 cents to US$93.32 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 51 cents to close at $93.03 per barrel on the Nymex on Thursday.
Traders expect to see improvement in U.S. industrial production for February when the Federal Reserve releases the details later Friday. Analysts at Capital Economics said in a market commentary that they expect a month-on-month increase of 0.6 per cent.
"February's employment and hours worked data suggest that manufacturing output also increased," the analysts said, "so we wouldn't be surprised to see something of a rebound in February."
Additionally, they said they don't expect to see significant inflation when the Labor Department releases its figures, also due Friday.
Both indicators bode well for U.S. growth, which could also boost both energy consumption and energy prices.
Oil rose slightly Thursday as U.S. employment data supported the market, offsetting news about ample crude supplies and worries about the eurozone economy. Weekly U.S. jobless claims fell by a greater-than-anticipated 10,000 to 332,000, helping to sustain hopes over the U.S. labour market.
Brent crude, used to price many kinds of oil imported by U.S. refineries, was up 52 cents to $109.48 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
— Wholesale gasoline rose 0.1 cent to $3.131 a gallon.
— Heating oil rose 0.8 cent to $3.022 a gallon.
— Natural gas rose 1.8 cents to $3.83 per 1,000 cubic feet.
(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)
More Business
- Back to Top
- Return to Business
More Business
(1 of 18 articles for today)
Procter & Gamble replaces CEO Bob McDonald with former CEO A.G. Lafley hoping magic returns
6:18 AM 0
Poll
Most Popular Business
- New owner for lumber stores
- Ottawa threatens 'retaliatory measures' over new U.S. meat labelling regulations
- Skyline-altering project will happen: developer
- New downtown tower could be 42 storeys tall: developers
- The Galapagos to be just a click away: Google photographs famous islands for Street View
- She's got entrepreneurial spirit
- Wealth survey indicates average person has $6.6K
- Creative industries can fuel a city's economic engine
- Target exceeds sales goal at Canadian stores
- Manitoba farm cash receipts grow fastest in country
- New owner for lumber stores
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- Mounties say crooks passing fake polymer bank notes in British Columbia
- New downtown tower could be 42 storeys tall: developers
- Creative industries can fuel a city's economic engine
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Skyline-altering project will happen: developer
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Bridging the gap
- Ottawa threatens 'retaliatory measures' over new U.S. meat labelling regulations
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- New owner for lumber stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- City to get a touch of glass
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Local boy leads Great-West
- New owner for lumber stores
- Skyline-altering project will happen: developer
- She's got entrepreneurial spirit
- US new home sales rise 2.3 per cent in April while median home prices hit record high
- Bell invests in 'TV everywhere'
- Bridgwater site to resemble Osborne Village
- Transcona transformation
- PotashCorp cites confidence in cash flow, increases quarterly dividend 25%
- Bridging the gap
- Young entrepreneurs pitch ideas to investor Warren Buffett, win prizes for their businesses
- New owner for lumber stores
- Ex-'Pegger seeks to grow local businesses
- Bridging the gap
- Developers to unveil plans for bold downtown tower
- Skyline-altering project will happen: developer
- There are lots of I's in 'team'
- More than a new boss
- New downtown tower could be 42 storeys tall: developers
- Viterra plans $20 million capacity upgrade at four Saskatchewan grain terminals
- Creative industries can fuel a city's economic engine
- New owner for lumber stores
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Local boy leads Great-West
- Ex-'Pegger seeks to grow local businesses
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.