Oil Price Little Changed Ahead of Earnings, Fed

The price of oil was little changed on Monday, as traders awaited the start of the quarterly corporate earnings season and the latest word from the Federal Reserve on the economy.

Benchmark oil for May delivery was up 41 cents to $93.11 a barrel on the New York Mercantile Exchange in afternoon trading.

Alcoa (NYSE: AA  ) kicks off the first-quarter earnings season after the stock market closes Monday. Analysts expect the aluminum giant to report slightly lower earnings compared to a year ago. Overall, Wall Street is looking for improved earnings from many companies as the economy shows signs of strengthening.

The minutes from the Federal Reserve's last meeting will be released Wednesday afternoon. That may give investors more insight into the central bank's view of the economy and prospects for the Fed's bond-buying stimulus program to continue at its current pace.

At the gas pump, drivers continued to get some relief. The national average for a gallon of regular was $3.59, down 4 cents from a week ago and about 34 cents lower than a year ago.

Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, fell 24 cents to $103.88 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

  • Heating oil rose 3 cents to $2.94 per gallon.
  • Wholesale gasoline rose 4 cents to $2.90 per gallon.
  • Natural gas fell 6 cents to $4.06 per 1,000 cubic feet.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2351523, ~/Articles/ArticleHandler.aspx, 12/19/2014 11:42:17 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement