Oil rises on US supply, economic data
NEW YORK – Prices for crude oil and natural gas moved in opposite directions after the U.S. government issued weekly supply reports for both fuels. Benchmark oil for October delivery gained 93 cents, or 1.1 percent, to close at $108.37 a barrel on the New York Mercantile Exchange. But natural gas futures fell 10.5 cents, or 2.9 percent, to $3.575 per 1,000 cubic feet
As the market waited to see if Congress will approve a U.S. military strike against Syria, the main focus was on market fundamentals and the release of U.S. economic data.
Oil was showing a slight gain in the morning but rose further after the government said that supplies of oil and gasoline each fell by 1.8 million barrels in the week ended Aug. 30. The drop in gasoline supplies was greater than expected, and refinery usage increased, both signs perhaps of solid demand for fuel at the end of the summer driving season.