The price of oil rose slightly Thursday as expectations of greater use of heating oil during extreme cold weather in North America offset signs of weak demand for gasoline. Benchmark U.S. oil for February delivery was up 30 cents to $92.63 a barrel at 0830 GMT in electronic trading on the New York Mercantile Exchange . The contract fell $1.34 to $92.33 on Wednesday after the U.S. Energy Department said supplies of gasoline rose by 6.2 million barrels last week, a jump of nearly 3 percent. Platts, the energy information arm of McGraw-Hill , said the data indicated that demand for gasoline was the lowest in a year. Prices recovered a bit Thursday as the record-breaking cold affecting the northern U.S. boosted demand for heating oil. Brent crude, used to set prices for international varieties of crude, was up 36 cents to $107.54 on the ICE exchange in London . In other energy futures trading on Nymex : — Wholesale gasoline was up 1.2 cents at $2.668 a gallon. — Natural gas fell 5.4 cents to $4.162 per 1,000 cubic feet. — Heating oil was up 1.2 cents to $2.961 a gallon.
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- FDIC Sues Big Banks Over Rate Manipulation
- Vybz Kartel Convicted of Murder
- FDIC Accuses Big Banks of Fraud, Conspiracy
- Stocks Close Lower Ahead of Crimea Vote
- U.S. Consumer Sentiment Falls in Early March
- Ulta Shares Look Good on Strong Q4
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Jittery Investors Dumping Russian Stocks
- SoCalGas Reaches Record Spend on Diversity Suppliers