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Oil traded near a two-day high as speculation that U.S. economic growth will boost fuel demand countered concern rising supplies will limit price gains.
Futures were little changed after climbing 1.4 percent yesterday. Prices advanced after U.S. companies added 216,000 workers last month, data based on payrolls from ADP Employer Services showed. Supplies at Cushing, Oklahoma, the delivery point for New York-traded oil, rose 2.4 million barrels to the highest level since July, according to the Energy Department.
Oil for April delivery was at $106.14 a barrel, down 2 cents, in electronic trading on the New York Mercantile Exchange at 10:39 a.m. Sydney time. The contract yesterday increased $1.46 to $106.16 a barrel, the highest close since March 5. Prices are 7.4 percent higher this year.
Brent oil for April settlement climbed $2.14, or 1.8 percent, to $124.12 on the London-based ICE Futures Europe exchange yesterday. The European benchmark contract’s premium to New York-traded West Texas Intermediate closed at $17.96. It reached a record of $27.88 on Oct. 14.
Futures were little changed after climbing 1.4 percent yesterday. Prices advanced after U.S. companies added 216,000 workers last month, data based on payrolls from ADP Employer Services showed. Supplies at Cushing, Oklahoma, the delivery point for New York-traded oil, rose 2.4 million barrels to the highest level since July, according to the Energy Department.
Oil for April delivery was at $106.14 a barrel, down 2 cents, in electronic trading on the New York Mercantile Exchange at 10:39 a.m. Sydney time. The contract yesterday increased $1.46 to $106.16 a barrel, the highest close since March 5. Prices are 7.4 percent higher this year.
Brent oil for April settlement climbed $2.14, or 1.8 percent, to $124.12 on the London-based ICE Futures Europe exchange yesterday. The European benchmark contract’s premium to New York-traded West Texas Intermediate closed at $17.96. It reached a record of $27.88 on Oct. 14.
