Shows & Panels
Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- American Readiness: Renewable Power and Efficiency Technologies
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal News Radio's National Cyber Security Awareness Month Special Panel Discussion
- Federal Tech Talk
- The Future of Government Data Centers
- The Future of IT: How CIOs Can Enable the Service-Oriented Enterprise
- Government Perspectives on Mobility and the Cloud
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Mitigating Insider Threats in Virtual & Cloud Environments
- Modern Mission Critical Series
- The New Generation of Database
- Reimagining the Next Generation of Government
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Air Traffic Management Transformation Report
- Cloud First Report
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
Oil rises above $101 as growth rebounds in China
Friday - 10/18/2013, 11:00am EDT
The price of oil rebounded to above $101 a barrel Friday, boosted by a bounce in China's economic growth and as traders awaited the release of official figures on U.S. stockpiles of crude and gasoline.
By early afternoon in Europe, benchmark crude for November delivery was up 68 cents at $101.35 a barrel in electronic trading on the New York Mercantile Exchange.
On Thursday, the contract dropped $1.62 to close at $100.67 as investors assessed the economic impact of the 16-day government shutdown that ended after an eleventh hour budget deal late the day before.
The main support for oil prices on Friday came from figures released by the Chinese government showing that the world's second-largest economy grew by an annual 7.8 percent in the third quarter of the year, improving on the two-decade low figure of 7.5 percent posted in the second quarter.
While analysts at Sucden Financial saw the Chinese data "verifying hopes about a recovery in the oil demand from Asia," others warned that the uptick may only be temporary as it was due mainly to additional spending by the government.
With the regular supply report from the Energy Department postponed this week by the shutdown, traders took cues from the industry-funded American Petroleum Institute instead. The API said that U.S. stocks of crude oil rose by 5.9 million barrels last week, about twice the build expected by analysts and suggesting demand might have been reduced by the shutdown.
The Energy Information Administration figures, which are considered more reliable, will be released on Monday.
Brent crude, the international benchmark, was up 93 cents at $110.04 a barrel on the ICE futures exchange in London.
In other energy futures trading on Nymex:
-- Wholesale gasoline rose 2.8 cent to $2.6624 a gallon.
-- Natural gas dropped 5.4 cents to $3.703 per 1,000 cubic feet.
-- Heating oil added 3.33 cents to $3.0219 a gallon.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.