Oil higher on durable goods data; pump price down

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Associated Press

Posted on June 25, 2013 at 2:00 PM

NEW YORK (AP) — The price of oil climbed showed a small gain Tuesday, as positive U.S. economic news provided some support while traders wait for the latest supply reports.

By midday in New York, benchmark oil for August delivery was up 10 cents to $95.28 a barrel.

A trio of economic reports boosted both oil and stocks. The government said U.S. 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 103 points to 14,763 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 Wednesday 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 $3.55. It's dropped 8 cents in two weeks.

Brent crude, used to set prices for oil used by many U.S. refineries to make gasoline, was up 33 cents at $101.49 a barrel.

In other energy futures trading on the Nymex:

— Natural gas lost 5 cents to $3.69 per 1,000 cubic feet.

— Heating oil rose 1 cent to $2.86 a gallon.

— Wholesale gasoline was unchanged at $2.73 a gallon.

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Pablo Gorondi in Budapest contributed to this report.

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