Skip to main content
Advertising

Originally published May 13, 2013 at 5:16 AM | Page modified May 14, 2013 at 2:46 AM

  • Share:
           
  • Comments (0)
  • Print

Oil remains above $95 as US retail sales improve

The price of oil rose Tuesday after U.S. retail sales unexpectedly increased in April.

AP Business Writer

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

BANGKOK —

The price of oil rose Tuesday after U.S. retail sales unexpectedly increased in April.

Benchmark oil for June delivery was up 6 cents to $95.23 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to finish at $95.17 a barrel on the Nymex on Monday.

The U.S. Commerce Department reported Monday that Americans increased spending at retailers last month. Retail sales increased 0.1 percent in April from March, beating expectations of a slight decline. The improvement, while slight, is worth noting because consumer spending comprises roughly 70 percent of the country's economic activity.

Later Tuesday, traders are looking for good news when Germany's ZEW institute releases its monthly investor confidence index for Europe's biggest economy.

"The German ZEW index should benefit from the strong rebound in equities and could surprise to the upside," said Credit Agricole CIB in Hong Kong in an email commentary.

Brent crude, which is a benchmark for many international oil varieties, rose 2 cent to $102.66 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

- Wholesale gasoline rose 0.3 cent to $2.824 a gallon.

- Heating oil fell 0.5 cent to $2.886 a gallon.

- Natural gas rose 1 cent to $3.934 per 1,000 cubic feet.

News where, when and how you want it

Email Icon

Love the column? Pre-order the book!

Love the column? Pre-order the book!

Reserve your copy of "The Seattle Sketcher," the long-awaited book by staff artist Gabriel Campanario, for the special price of just $29.95.

Advertising

Partner Video

Advertising


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►