You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter 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.

Business

  • Fort Wayne ranks No. 11 on Forbes list of Opportunity Cities
    Forbes has ranked Fort Wayne No. 11 on its list of Opportunity Cities. The 19-city list, published Thursday, put Columbus, Ohio, at the top.
  • Alibaba stock soars 40% in massive IPO
    NEW YORK – Alibaba debuted as a publicly traded company Friday and swiftly climbed more than 40 percent in a mammoth IPO that offered eager investors seemingly unlimited potential for growth and a way to tap into the burgeoning Chinese
  • China levies record fine
    BEIJING – Drug giant Glaxo­SmithKline was fined $492 million Friday for bribing doctors in China in the biggest such penalty ever imposed by a Chinese court.
Advertisement

Oil above $90 as U.S. spending cuts cause jitters

BANGKOK (AP) — The price of oil rose slightly on Tuesday, a day after dropping below $90 a barrel for the first time this year.

Benchmark oil for April delivery was up 46 cents to $90.58 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. On Monday, the price fell as low as $89.33 per barrel before finishing on the Nymex at $90.12.

Monday's drop was attributed to the introduction in the U.S. of $85 billion in automatic government spending cuts, which could hurt the world's leading economy.

The spending cuts kicked in on Friday after President Barack Obama and Congress failed to meet a deadline for striking a deal to avert or soften the reductions. Negotiations on Sunday ended in a bitter impasse.

The oil market will be watching for signs that a deal to claw back the cuts might be in the works.

Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 79 cents to $110.88 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline rose 1.1 cent to $3.109 a gallon.

— Heating oil rose 1.3 cents to $2.932 a gallon.

— Natural gas gained 5.2 cents to $3.575 per 1,000 cubic feet.

Advertisement