SEOUL, South Korea (AP) — The prices of oil and natural gas extended gains Thursday in Asia as a winter storm that slammed the U.S. and slower-than-expected supply growth raised expectations for higher energy demand.
The price of oil rose Wednesday in Asia on prospects U.S. demand will hold up amid cold weather, offsetting worries about a slowdown in emerging economies.
The price of oil was little changed Tuesday, with the outlook for energy demand kept in check by weak manufacturing in China and the U.S.
Benchmark U.S. crude for March delivery was up 19 cents to $96.62 a barrel at 0830 GMT in electronic trading on the New York Mercantile Exchange. The contract fell $1.06 to close at $96.43 on Monday.
The price of oil dropped Monday after a survey released on the weekend showed a slight deterioration in China's manufacturing.
Benchmark U.S. crude for March delivery was down 17 cents to $97.32 a barrel at 0600 GMT on the New York Mercantile Exchange. The contract fell 74 cents Friday to close at $97.49 a barrel.
The price of oil was little changed Friday, remaining above $98 a barrel as signs of stronger recoveries in the U.S. and Japan prompted expectations of greater demand for crude.
The price of oil was little changed Thursday after a big drop in heating oil supplies was offset by the Federal Reserve's decision to further reduce its stimulus.
The price of oil fell Wednesday, dragged down by expectations of rising crude inventories and a further cut in U.S. central bank stimulus.