Oil rises above $72 ahead of US company results
Eds: UPDATES prices. Moving on general news and financial services
By Agencies |
SINGAPORE: Oil prices rose above $72 a barrel Monday in Asia as investors looked to a slew of U.S. corporate earnings reports this week for signs of economic recovery.
Benchmark crude for November delivery was up 51 cents at $72.76 by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 8 cents to $71.77 on Friday.
Crude investors will be eyeing third quarter company results and forecasts for the rest of the year for clues about the strength of the U.S. economy. Top banks JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. report this week along with Google Inc., Southwest Airlines Co., Intel Corp., IBM Corp., General Electric Co., and Johnson & Johnson.
A more optimistic crude demand forecast by the International Energy Agency on Friday helped boost trader confidence. The Paris-based IEA, which advises oil-consuming countries, said demand will likely reach 86.1 million barrels a day in 2010, up 1.7 perc����r from this year.
On Sunday, Kuwaiti oil2binister Sheik Ahmed Al Abdullah Al Sabah told����ke state news agency that an oil price range ��ng earlier remarks by Saudi Arabia.
The two Middle Eastern countries are members of the Organization for Petroleum Exportin��Kountries, which accounts for about a third &hibar;a the world's oil production.
In other Nymex trading, heating oil rose 1.61 cents to $1.87��a gallon. Gasoline for November delivery gained 2.15 cents to $1.79 a gallon. Natural gas for November delivery jumped 4.4 cents to $4.81 per 1,000 cubic feet.
In London, Brent crude rose 57 cents to $70.57 on the ICE Futures exchange.
Benchmark crude for November delivery was up 51 cents at $72.76 by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 8 cents to $71.77 on Friday.
Crude investors will be eyeing third quarter company results and forecasts for the rest of the year for clues about the strength of the U.S. economy. Top banks JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. report this week along with Google Inc., Southwest Airlines Co., Intel Corp., IBM Corp., General Electric Co., and Johnson & Johnson.
A more optimistic crude demand forecast by the International Energy Agency on Friday helped boost trader confidence. The Paris-based IEA, which advises oil-consuming countries, said demand will likely reach 86.1 million barrels a day in 2010, up 1.7 perc����r from this year.
On Sunday, Kuwaiti oil2binister Sheik Ahmed Al Abdullah Al Sabah told����ke state news agency that an oil price range ��ng earlier remarks by Saudi Arabia.
The two Middle Eastern countries are members of the Organization for Petroleum Exportin��Kountries, which accounts for about a third &hibar;a the world's oil production.
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In other Nymex trading, heating oil rose 1.61 cents to $1.87��a gallon. Gasoline for November delivery gained 2.15 cents to $1.79 a gallon. Natural gas for November delivery jumped 4.4 cents to $4.81 per 1,000 cubic feet.
In London, Brent crude rose 57 cents to $70.57 on the ICE Futures exchange.
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