Quantcast
Get breaking news alerts via email

Click here to manage your alerts
Crude flat despite U.S., China factory strength
Oil prices » Analysts suspect marketable supplies are sufficient to meet rising demand.
First Published Jul 01 2014 03:22 pm • Last Updated Jul 01 2014 03:22 pm

The price of oil held steady Tuesday despite signs that manufacturing activity grew in the U.S. and China, the world’s two biggest oil consumers.

Benchmark U.S. crude for August delivery fell 3 cents to close at $105.34 a barrel in New York. It is the fourth day in a row of declines and the sixth decline in the last seven trading days. The contract closed at a 10-month high of $107.26 on June 20.

Join the Discussion
Post a Comment

Brent crude, a benchmark for international oils used by many U.S. refineries, fell 7 cents to close at $112.29 a barrel in London.

Manufacturing activity in China, the world’s biggest oil importer, grew in June for the first time in six months, according to a private survey. Manufacturing activity in the U.S., the world’s biggest oil consumer, grew in June for the 13th-straight month, though the pace of the expansion slowed from May.

It wasn’t enough to push the price of oil higher, which suggests oil supplies may be ample enough to meet even rising global demand and prices could be headed lower.

"The fact that some positive manufacturing numbers and associated strong gains in the U.S. stock market were ignored reinforces our opinion that some additional price weakening through the next few sessions lies ahead," wrote independent energy analyst Jim Ritterbusch in a note to investors Tuesday.

Oil prices have risen in recent weeks on concerns that violence in Iraq, OPEC’s second-largest exporter, would cut global supplies. They stabilized late last week as the stunning initial advance by insurgents lost momentum.

In other energy futures trading on the Nymex:

—Wholesale gasoline fell 0.6 cent to close at $3.037 a gallon.

—Natural gas fell 0.6 cent to close at $4.445 per 1,000 cubic feet.


story continues below
story continues below

—Heating oil rose 0.3 cent to close at $2.978 a gallon.



Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment


About Reader Comments


Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Videos
Jobs
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Access your e-Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.