THE price of oil showed a small gain yesterday, as positive US economic news provided some support while traders wait for the latest supply reports.
In New York benchmark oil for August delivery rose 14 cents to end at US$95.32 a barrel.
A trio of economic reports boosted both oil and stocks. The government said US businesses ordered more long-lasting manufactured goods, including a surge in commercial aircraft orders. Readings on home prices and consumer confidence were also positive.
The Dow Jones industrial average was up more than 100 points in afternoon trading. Oil trading is often influenced by stock market trends which can reflect the state of confidence in the economic outlook.
Traders are awaiting the weekly report on oil and gasoline supplies due out today from the Energy Department. The nation's supply of crude oil is near a record level, while gasoline supplies remain high because of tepid demand.
Drivers are seeing some relief in gas prices. The price of a gallon fell a penny to an average of US$3.55. It's dropped 8 cents in two weeks.
Brent crude, used to set prices for oil used by many US refineries to make gasoline, rose 10 cents to end at US$101.26 a barrel.
In other energy futures trading on the Nymex, natural gas lost 9 cents to finish at US$3.65 per 1,000 cubic feet (28.32 cubic meters).
