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

  • JetBlue adds bag fees, cuts seat spacing
    JetBlue will add bag fees and squeeze seats a bit closer together as it tries to boost profit.
  • Questions, answers about Detroit's bankruptcy
    DETROIT – A judge on Nov. 7 signed off on Detroit's plan to emerge from bankruptcy, but he didn't specify when that would happen. A specific date is expected to be discussed during a court hearing Monday.
  • Banking industry may alter ethics
    WASHINGTON – The banking industry seems to bring out dishonesty in people, a new study suggests.A team of Swiss economists tested the honesty of bank employees in a lab game that would pay off in cash if they cheated.
Advertisement

Oil gains, shrugs off weak China manufacturing

BANGKOK (AP) — The price of oil rose Monday, shrugging off a decline in China's manufacturing that was likely partly due to Lunar New Holiday distortions.

Benchmark crude for April delivery was up 31 cents to $93.44 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 29 cents to settle at $93.13 in New York on Friday.

Oil dived last week on ample supplies and the possibility of a stronger dollar if the U.S. Federal Reserve started to withdraw monetary stimulus which its most recently released minutes suggested was possible.

The price of crude stabilized Friday, helped by the European Commission's prediction that the recession afflicting the economy of the 17 countries sharing the euro to bottom out during the first half of the year.

In China, a survey released Monday showed manufacturing declined to a four-month low in February, a reminder of possible threats to recovery in the world's second biggest economy.

However, some analysts said the result may not be as bad as it seems because of the weeklong Lunar New Year holiday, which fell in mid-February this year.

Brent crude was up 52 cents on the ICE futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline was up 3.1 cents at $3.297 a gallon.

— Heating oil added 1.5 cents to $3.117 a gallon.

— Natural gas rose 6.3 cents to $3.354 per 1,000 cubic feet.

Advertisement