Please ensure Javascript is enabled for purposes of website accessibility

Oil Above $91 on Hope for Europe Rate Cut

By Associated Press - Apr 24, 2013 at 1:10PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Benchmark oil for June delivery rose $1.94 to $91.12 a barrel in Wednesday afternoon trading on the New York Mercantile Exchange.

NEW YORK (AP) -- Oil was headed for its biggest gain in nearly a month as oil supplies rose less than expected in the U.S. and speculation built that the European Central Bank will cut interest rates.

Benchmark oil for June delivery rose $1.94 to $91.12 a barrel in Wednesday afternoon trading on the New York Mercantile Exchange.

Oil rose as expectations mounted among investors for a rate cut next week from the ECB following another weak business survey in Germany, Europe's biggest economy. The gains grew after the U.S. Energy Department said crude oil supplies rose by 900,000 barrels, or 0.2 percent, to 388.6 million barrels last week. Analysts expected an increase of 1.4 million barrels.

A big decline in gasoline supplies was also positive for oil prices, indicating that demand picked up somewhat, although it was still down 1.7 percent over the four weeks ended April 19.

At the pump, the national average for a gallon of gasoline held steady at $3.52. That's 33 cents cheaper than a year ago.

Brent crude, which is used to price oil used by many U.S. refiners, rose $1.28 to $101.59 a barrel on the ICE futures exchange in London.

In other energy futures trading on the Nymex:

  • Gasoline rose 2 cents to $2.74 per gallon.
  • Heating oil added 3 cents to $2.83 a gallon.
  • Natural gas fell 7 cents to $4.17 per 1,000 cubic feet.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
349%
 
S&P 500 Returns
122%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/18/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.