SINGAPORE — Oil prices rose above $76 a barrel today in Asia, clawing back some of this week’s losses as stock markets rebounded.
Benchmark crude for September delivery was up 46 cents at $76.20 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.28 to settle at $75.74 yesterday.
Oil has dropped from above $81 a barrel earlier this week amid resurgent investor fears that the global economy may not grow in the second half as much as previously expected.
Most Asian and European stock markets rose, breaking a weeklong slump, after the Dow Jones industrial average fell 0.6 percent yesterday.
The Labor Department yesterday said last week’s applications for jobless benefits reached the highest level in almost six months. In addition, stocks fell on disappointing earnings from Cicso Systems Inc., Sara Lee Corp. and retailer Kohl’s Corp.
“The ghosts of a global economic slowdown are back and haunting the oil market again,” Barclays Capital said in a report. “No doubt, like China, the growth in U.S. oil demand is likely to slow down as the months progress.”
In other Nymex trading in September contracts, heating oil rose 1.47 cents to $2.0162 a gallon, gasoline added 1.52 cents to $1.9700 a gallon and natural gas gained 2.4 cents to $4.320 per 1,000 cubic feet.
Brent crude was up 50 cents at $76.02 a barrel on the ICE futures exchange.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info