Alexa
  • Directory of Taiwan

Oil rises above $76 on improving economic news

Oil rises above $76 on improving economic news

Oil prices topped $76 a barrel Thursday following reports that China's economy is still booming and U.S. jobless claims fell.
Benchmark crude for July delivery rose $1.56 to $75.94 a barrel in late morning trading on the New York Mercantile Exchange. It climbed as high as $76.30 earlier in the session. The contract rose $2.39 to settle at $74.38 on Wednesday.
China reported exports and imports rose more than 48 percent each in May, reassuring investors that the country's economy was not being slowed significantly by Europe's debt problems.
The U.S. Labor Department said jobless claims fell to 456,000 last week. Total claims fell by the largest amount in nearly a year.
Stock markets surged on the bullish economic news. The Dow Jones Industrial Average rose around 230 points, or 2.3 percent. The Nasdaq and the S&P 500 were up by about as much. Energy stock rebounded, including BP, which was up more than 11 percent after falling 16 percent on Wednesday.
Oil prices were also helped by euro gains against the dollar. Commodities like oil are priced in dollars, so holders of foreign currencies find them less appealing with a stronger dollar.
In other Nymex trading in July contracts, heating oil rose 3.46 cents to $2.0442 a gallon, and gasoline gained 3.32 cents at $2.0729 a gallon. Natural gas was up 6.3 cents at $4.742 per 1,000 cubic feet.
Brent crude gained $1.06 at $75.33 a barrel on the ICE futures exchange.


Updated : 2021-10-23 10:42 GMT+08:00