Oil hits 3-month high on strong China exports, Japan economic growth
Oil prices rose Monday as positive news on exports from China and economic growth in Japan followed last week's solid jobs report in the United States.
Benchmark West Texas Intermediate crude for July delivery gained $1.75 to close at US$104.41 a barrel on the New York Mercantile Exchange. That's the highest closing price since March 3.
Brent crude, a benchmark for international oils, rose $1.29 to US$109.15 a barrel in London.
China reported Sunday that exports rose seven per cent in dollar terms in May, up from a 0.9 per cent increase in April that followed slumps in February and March.
The surge in exports reinforced confidence that the U.S. and European recoveries will drive stronger demand for commodities, including oil.
Japan raised its estimate for economic growth in the January-March quarter to 6.7 per cent from 5.9 per cent, as investment by companies was stronger than first thought.
On Friday, U.S. employment figures also suggested stronger demand for oil. Employers added 217,000 jobs in May, the fourth straight month of decent growth.
In other energy futures trading on Nymex, wholesale gasoline gained five cents to US$2.98 a U.S. gallon (3.79 litres), heating oil rose two cents to US$2.89 a gallon and natural gas fell seven cents to US$4.65 per 1,000 cubic feet.
(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)
Read more Business News
- Rutland park vote reduxKelowna
- Did a terrorist run over soldiers?Canada - 5:39 am
- Family condemns RCMP BC
- Wrap it up, shrink it upKelowna - 7:30 am
|QHR Technologies Inc||1.15||+0.03|
|Anavex Life Sciences||0.195||+0.004|
|Copper Mountain Mining||2.16||+0.17|
|Sunrise Resources Ltd||0.06||0.00|
|Mission Ready Services||0.46||+0.01|
This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...
Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...
The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...