You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Small cars fare poorly in new front-crash tests
    DETROIT – The four-door Mini Cooper Countryman was the only one of 12 cars to earn a top rating of “good” in new frontal crash tests.The Nissan Leaf, Nissan Juke, Fiat 500L and Mazda ...
  • Economy rebounds with fast 4% growth
    WASHINGTON – The U.S. economy has rebounded with vigor from a grim start to 2014 and should show renewed strength into next year.That was the general view of analysts Wed­nesday after the g ...
  • Lincoln National quarterly earnings up 26%
    Lincoln National Corp. today reported second-quarter earnings of $398 million, or $1.48 per diluted common share, a 26 percent increase from the $317 million, or $1.15 a share, posted for the same three months of 2013.
Advertisement

Oil rise ahead of the release of U.S. indicators

BANGKOK (AP) — Oil prices were higher Wednesday ahead of the release of more U.S. economic indicators and the conclusion of a meeting of U.S. Federal Reserve policymakers.

Benchmark oil for March delivery was up 12 cents to $97.69 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.13, or 1.2 percent, to close at $97.57 on Tuesday after being pushed higher by a report about rising U.S. home prices. Energy prices can rise when investors feel good about the economy, since it's needed to power manufacturing and other economic activity.

But traders became slightly more cautious ahead of the release of other U.S. economic indicators, including economic growth on Wednesday and weekly jobless claims Thursday. In addition, the Federal Reserve will conclude a two-day meeting later Wednesday with the release of a statement that investors will study for clues about the outlook for the economy and interest rates.

Recent rises in oil prices have been the result of an improving global economy, and positive manufacturing reports from the U.S. and China. But significant gains could be capped by demand constraints and ample supply, analysts said.

"The fundamentals are also likely to deteriorate again later in the year," said analysts at Capital Economics in a report. "Over the longer term, booming energy supply from both conventional and new sources will also add to the downward pressure on prices."

Brent crude, used to price international varieties of oil, rose 19 cents to $114.55 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 0.1 cent to $2.975 per gallon.

— Natural gas rose 2.7 cents to $3.285 per 1,000 cubic feet.

— Heating oil rose 1.1 cents to $3.12 a gallon.

Advertisement