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Oil rises above US$95 a barrel, tracking stocks
Aggregated Source: Shanghai Daily: Business

THE price of oil rose to US$95 a barrel yesterday, supported by gains on global stock markets.

Benchmark oil for July delivery rose 86 cents to close at US$95.01 a barrel in New York. It was the first gain for oil in five trading sessions.

Positive signs for the US economy helped. US home prices rose the most in seven years and consumer confidence reached a five-year high. US stock markets were showing strong gains by mid-afternoon. European and Asian markets closed higher earlier.

Oil's gain could be fleeting if recent concerns about demand resurface. China, which has seen a decline in manufacturing activity, releases data on factory production later this week. In the US, demand for gasoline has been weaker compared with last year. And bad weather in some regions over the Memorial Day weekend may have kept drivers closer to home, wrote Phil Flynn, senior market analyst at The PRICE Futures Group, in a daily newsletter.

Brent crude, a benchmark for many international oil varieties, was up US$1.61 to US$104.23 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the New York Mercantile Exchange:

- Wholesale gasoline rose 1 cent to US$2.85 a gallon.

- Heating oil climbed 5 cents to US$2.91 per gallon.

- Natural gas shed 6 cents to US$4.17 per 1,000 cubic feet.

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Copyright Shanghai Daily: Business