You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.


  • Alibaba poised to surge on the NYSE
      NEW YORK – Chinese e-commerce powerhouse Alibaba will say “open sesame” to the New York Stock Exchange on Friday, as its shares begin trading in a highly anticipated debut that could raise up to $25 billion.
  • 56 million at risk in data theft
    NEW YORK – Home Depot said 56 million debit and credit cards are estimated to have been breached in a data theft between April and September at its stores in the U.S. and Canada.
  • Ellison stepping aside as Oracle CEO
    SAN FRANCISCO – Oracle co-founder Larry Ellison is stepping aside as CEO after 37 years at the helm of the business software maker, ending a colorful reign marked by his flamboyant behavior and outlandish wealth amassed while

Oil hovers below $103 amid signs of weak U.S. demand

SINGAPORE (AP) — Oil prices hovered below $103 a barrel Thursday in Asia after U.S. crude supplies rose more than expected for a fourth week, a sign demand remains tepid.

Benchmark oil for May delivery was up 25 cents to $102.92 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.53 to settle at $102.67 in New York on Wednesday.

Brent crude for June delivery was up 35 cents to $118.32 per barrel in London.

The Energy Information Administration said Wednesday that U.S. crude oil supplies grew by 3.9 million barrels last week. Analysts expected an increase of 400,000 barrels. The government's weekly report also said that U.S. gasoline demand fell 2.8 percent compared with a year ago.

Crude has traded above $100 a barrel for most of this year, sending gasoline prices to near $4 a gallon (about $1 a liter) in the U.S. If fuel costs rise much more, they could threaten consumer spending and fragile U.S. economic growth, said Fitch Ratings.

"The price of gasoline is a major determinant of U.S. consumer discretionary income and consumer spending is estimated to drive 70 percent of the U.S. economy," Fitch said in a report. "A short-term disruption in oil prices could therefore materially disrupt a U.S. economic recovery."

In other energy trading, heating oil was up 1.0 cent at $3.13 per gallon and gasoline futures gained 0.9 cents at $3.16 per gallon. Natural gas was steady at $1.95 per 1,000 cubic feet.