New York Crude Futures Closed Up 0.6% On Thursday.
On the morning of September 24th, New York crude oil (74.94, -0.24, -0.32%)
futures
The price rose to its highest level in more than a week on Thursday, and the rebound since then is due to the fact that the leading indicators of the US economy in August were better than economists had expected, and the number of second-hand housing sales has increased, suggesting that the US economy will increase next year.
On the same day, the New York Mercantile Exchange (NYMEX) delivered light crude oil futures in November, up 47 cents, to $75.18 a barrel, or 0.6%, the highest closing price since September 15th.
In the past year, New York crude oil futures price has risen by 9%.
London's ICE European futures exchange delivered Brent's crude oil futures in November, up 16 cents, at $78.11 an ounce.
In the past 30
Trading day
The price range of New York crude oil futures ranges from 70.76 US dollars to 78.04 US dollars per barrel.
King Abdullah, Saudi Arabia, said in early 2008 that he thought the reasonable price of crude oil was $75 a barrel.
New York crude oil futures price three
Trading day
The rise for the first time is mainly due to the 0.3% leading indicators of the US economic outlook for the next 3 to 6 months, according to data released by the Conference Board, the highest level since May.
The report released by the National Association of real estate brokers (NAR) shows that after the July drop to historic lows, the number of second-hand housing sales in August increased to 4 million 130 thousand per annum, which was in line with economists' expectations.
"Today's biggest impact on the oil futures market is the economic leading indicator, which is a good indicator of future economic performance," Jason Schenker, President of Prestige Economics LLC, a Texas energy consultancy, said. "This indicator is much better than economists predicted in August".
According to a report released earlier today by the energy department of the US Department of energy (EIA), as of September 17th, natural gas inventories increased by 73 billion cubic feet (about 2 billion 100 million cubic meters) as of September 17th, less than analysts had expected to increase 77 billion cubic feet (2 billion 200 million cubic meters) to 8 billion 100 million cubic feet (2 billion 300 million cubic meters), prompting natural gas prices to rise.
In other pactions on the New York Mercantile Exchange, the price of natural gas futures continued to rise, and the delivery of natural gas futures contracts in October closed up 5 cents, or 4.02 dollars per million British heat units, the highest level in nearly a week.
Meanwhile, the price of RBOB gasoline futures also rebounded. The October delivery of RBOB gasoline futures contracts rose 1 cents, or 1.92 U.S. dollars per gallon (or 0.51 US dollars per litre), or 0.5%.
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