Current Oil Price Moves Closer to $96

The current oil price moved closer to $96 per barrel following new data from the United States that suggests a recovery in the biggest economy of the world.

In early afternoon NYMEX trading, the U.S. benchmark for delivery in May was 90 cents higher to a crude price per barrel of $95.71. The contract gained $1.10 during the previous trading day.

The Commerce Department of the United States said that orders of durable goods produced in factories posted a 5.7 percent growth last February compared to the prior month. That beat the 3.7 percent growth that was forecasted by the majority, after a decline of 4.9 percent in the month of January.

The prices of the U.S. benchmark remain popular in the energy industry, and that has been expected for a long time, according to analysts. The improving economy of the United States is the primary factor to that. More increases are coming as orders of durable goods and figures on the condition of the housing market in the United States should show an improvement of the economy of the U.S.

On London’s ICE Futures Exchange, Brent crude, the benchmark used to assign prices to international types of oil, was 27 cents higher to $108.44 per barrel.

In other NYMEX trading, wholesale gasoline moved 2.01 cents up to $3.0743 per gallon. Heating oil gained 1.01 cents to a price of $2.9931 per gallon. Natural gas increased 2.6 cents to a price of $3.891 per thousand cubic feet.

By: Chris Termeer