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

  • Philips loses $467 million patent suit to US competitor
     AMSTERDAM – Royal Philips NV says it will book a $467 million charge in the third quarter after losing a patent lawsuit to smaller U.S. competitor Masimo Corp.
  • Barra shares plan to renew GM
    MILFORD, Mich. – General Motors CEO Mary Barra told investors Wednesday that GM plans a raft of new models and a big push to sell more cars in China to drive profits in coming years, as the biggest U.S.
  • General Mills to cut workforce
    General Mills plans to cut about 700 to 800 jobs, the second time it has trimmed its workforce in a month as the food company adjusts to a shift by U.S.
Advertisement

Oil rises after Cyprus financial bailout agreed

BANGKOK (AP) — The price of oil rose above $94 per barrel Monday after European nations agreed on a bailout for Cyprus that tamps down the latest flare-up in Europe's debt crisis.

Benchmark crude for May delivery was up 50 cents to $94.21 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.26, or 1.4 percent, to close at $93.71 a barrel on Friday.

Cyprus secured 10 billion euro ($13 billion) of rescue loans early Monday, just hours before a deadline set by the European Central Bank. The bank had threatened to halt emergency assistance to the country's banks if no agreement was reached by Tuesday.

The deal requires the Mediterranean island nation to shut down its second-largest bank. All bond holders and people with more than 100,000 euros in their bank accounts will face significant losses. The action is being taken to raise 5.8 billion euros that Cyprus must provide to supplement the rescue loan.

The development comes on top of optimistic expectations for the U.S. economy. Mitul Kotecha of Credit Agricole CIB in Hong Kong said U.S. durable goods orders are expected "to record an impressive gain in February" when the data is released Tuesday. He also said in a market commentary that he expects to see fourth-quarter GDP revised sharply higher.

Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 51 cents to $108.17 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline rose 0.1 cent to $3.059 a gallon.

— Heating oil rose 1.5 cents to $2.988 a gallon.

— Natural gas rose 2.2 cents to $3.975 per 1,000 cubic feet.

Advertisement