Oil falls toward $93 ahead of US monthly jobs data

Published May 03, 2013

Associated Press

BANGKOK –  The price of crude oil fell slightly Friday, a day after posting its biggest jump since late last year, as traders awaited the release of a closely watched U.S. employment report.

Benchmark crude for June delivery was down 26 cents to $93.73 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange.

Prices rose more than 3 percent Thursday as the European Central Bank cut its key interest rate to a new low and U.S. unemployment benefit claims dropped. The contract rose $2.96, or 3.3 percent, to finish at $93.99 a barrel, the biggest one-day gain for crude since November.

Later Friday, the U.S. Labor Department will release its monthly employment report for April, which could show whether weak hiring in March was a temporary lull or a more significant trend.

Brent crude, which is used to set prices of oil from the North Sea used by many U.S. refiners, fell 23 cents to $102.62 per barrel on the ICE Futures exchange in London.

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

— Wholesale gasoline fell 0.7 cent to $2.773 a gallon.

— Heating oil fell 0.8 cent to $2.848 a gallon.

— Natural gas rose 0.4 cent to $4.029 per 1,000 cubic feet.

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Oil falls to nearly $93 ahead of US growth data

Published April 26, 2013

Associated Press

BANGKOK –  The price of oil fell to near $93 a barrel Friday ahead of quarterly growth figures from the world's biggest economy.

Benchmark oil for June delivery was down 62 cents to $93.02 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $2.21 to close at $93.64 on Thursday after the U.S. Labor Department said the number of Americans seeking unemployment benefits fell last week by 16,000, suggesting that layoffs have declined.

Traders turned slightly cautious ahead of first quarter U.S. economic growth due later Friday. Economists expect to see a significant improvement from the anemic 0.4 percent growth rate reported for the October-December quarter.

But analysts at Credit Agricole CIB in Hong Kong said the result "is unlikely to allay market concerns after a recent run of disappointing data indicates some decline in growth momentum." Recent reports have suggested that manufacturing is starting to weaken. Sales of previously occupied U.S. homes dipped in March.

Brent crude, which is used to price oil used by many U.S. refiners, fell 50 cents to $102.91 a barrel on the ICE futures exchange in London.

In other energy futures trading on the Nymex:

— Gasoline fell 0.1 cent to $2.801 per gallon.

— Heating oil fell 1.5 cents to $2.872 a gallon.

— Natural gas lost 1.5 cents to $4.152 per 1,000 cubic feet.

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