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

  • 3 current major issues impact small business
    NEW YORK – Small- business owners have their fair share of issues they need to stay on top of. These days they can add three more to the list. Gas prices are plunging.
  • A switch: Ikea embraces online
    NEW YORK – Ikea, whose stadium-sized furniture stores draw shoppers from miles around, is going where its shopper are: online.
  • Child labor on tobacco farms fought
    WASHINGTON – Two years after the Obama administration backed off a rule that would have banned children from dangerous agriculture jobs, public health advocates and lawmakers are trying anew to get kids off tobacco farms.
Advertisement

Oil prices rise as US housing improves

BANGKOK (AP) — The price of oil rose Tuesday as energy markets set aside worries about a financial crisis in Cyprus after the release of strong U.S. housing data.

Benchmark oil for April delivery was up 28 cents to $92.80 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.58 to finish at $92.16 on Tuesday.

Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 42 cents to $107.86 per barrel on the ICE Futures exchange in London.

Later Wednesday, the Energy Department is expected to report an increase of 2 million barrels in U.S. crude oil supplies, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos. U.S. oil production, at more than 7 million barrels a day, is at the highest level in 20 years.

Oil prices fell Tuesday after lawmakers in Cyprus rejected a plan to tax bank deposits to stabilize the country's banks and clear the way for an international bailout.

But data pointing toward a steadily improving U.S. housing market provided further proof that an economic recovery is taking hold in the world's biggest economy. The Commerce Department said U.S. builders started more houses and apartments in February and received building permits for future construction at the fastest pace in 4 ½ years.

In other energy futures trading on the Nymex:

— Wholesale gasoline rose 0.2 cent to $3.042 a gallon.

— Heating oil rose 0.9 cent to $2.977 a gallon.

— Natural gas fell 2.1 cents to $3.948 per 1,000 cubic feet.

Advertisement