الرئيسية
NEW
YORK (AP) — The price of crude oil climbed above $101 a barrel in light
holiday trading on growing U.S. consumer confidence and tension in the
Middle East.
Benchmark crude rose $1.66 on Tuesday to end at $101.34 per barrel in New York.
Brent crude rose $1.31 to finish at $109.27 per barrel in London.
Prices
have risen in the past week as encouraging U.S. economic news pointed
to stronger future demand. The New York-based Conference Board said its
Consumer Confidence Index jumped almost 10 points from November, to
64.5. That level hasn't been seen since April and was near a
post-recession peak.
Higher confidence is in line with retail
reports of a decent holiday shopping season. Retailers saw a surge of
shopping the week before Christmas, and the National Retail Federation
now expects a 3.8 percent increase in holiday sales, up from its a
forecast of 2.8 percent in September.
Consumer spending accounts
for about 70 percent of the U.S. economy, so more spending could boost
growth and demand for oil. Consumers have cut back in recent years
because of uncertainty about the economy, fed by a weak jobs market and a
stagnant housing sector. Gasoline demand has been steadily declining
since spring.
Tensions in the Middle East also boosted oil prices.
Iran has threatened to block oil shipments through the Strait of
Hormuz, one of the busiest routes for crude shipments, if the West tries
to embargo Iran's oil exports. The Iranian navy currently is conducting
exercises in the region. About a third of the world's oil passes
through the narrow strait. The U.S., The U.K. and other nations have
talked about more sanctions against Iran as part of an effort to clamp
down on its nuclear program.
Iran is the world's fourth largest
oil producer, according to the Energy Department. Much of its oil is
sold to customers in Asia. If tankers could not use the Strait of
Hormuz, they would have to take longer, more expensive routes to their
destinations.
In other energy trading in New York, natural gas was
virtually unchanged at $3.1120 per 1,000 cubic feet. Heating oil rose 2
cents to finish at $2.9085 a gallon, and gasoline futures were flat at
$2.6888 a gallon.
YORK (AP) — The price of crude oil climbed above $101 a barrel in light
holiday trading on growing U.S. consumer confidence and tension in the
Middle East.
Benchmark crude rose $1.66 on Tuesday to end at $101.34 per barrel in New York.
Brent crude rose $1.31 to finish at $109.27 per barrel in London.
Prices
have risen in the past week as encouraging U.S. economic news pointed
to stronger future demand. The New York-based Conference Board said its
Consumer Confidence Index jumped almost 10 points from November, to
64.5. That level hasn't been seen since April and was near a
post-recession peak.
Higher confidence is in line with retail
reports of a decent holiday shopping season. Retailers saw a surge of
shopping the week before Christmas, and the National Retail Federation
now expects a 3.8 percent increase in holiday sales, up from its a
forecast of 2.8 percent in September.
Consumer spending accounts
for about 70 percent of the U.S. economy, so more spending could boost
growth and demand for oil. Consumers have cut back in recent years
because of uncertainty about the economy, fed by a weak jobs market and a
stagnant housing sector. Gasoline demand has been steadily declining
since spring.
Tensions in the Middle East also boosted oil prices.
Iran has threatened to block oil shipments through the Strait of
Hormuz, one of the busiest routes for crude shipments, if the West tries
to embargo Iran's oil exports. The Iranian navy currently is conducting
exercises in the region. About a third of the world's oil passes
through the narrow strait. The U.S., The U.K. and other nations have
talked about more sanctions against Iran as part of an effort to clamp
down on its nuclear program.
Iran is the world's fourth largest
oil producer, according to the Energy Department. Much of its oil is
sold to customers in Asia. If tankers could not use the Strait of
Hormuz, they would have to take longer, more expensive routes to their
destinations.
In other energy trading in New York, natural gas was
virtually unchanged at $3.1120 per 1,000 cubic feet. Heating oil rose 2
cents to finish at $2.9085 a gallon, and gasoline futures were flat at
$2.6888 a gallon.