Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- 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 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
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
- Reimagining the Next Generation of Government
- Satellite Communications: Acquiring SATCOM in Tight Times
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Value of Health IT
- 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 up toward $95 amid Algerian hostage standoff
Thursday - 1/17/2013, 7:13am EST
(AP) - The price of oil rose closer to $95 a barrel on Thursday as Islamic militants took hostages at a natural gas plant in Algeria and U.S. crude supplies fell unexpectedly.
By early afternoon in Europe, benchmark oil for February delivery was up 42 cents to $94.66 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 96 cents to close at $94.24 a barrel on Wednesday.
While at least 50 Algerian and foreign hostages have reportedly managed to escape from the gas plant 1,300 kilometers (800 miles) south of Algiers, the capital city, dozens more are still being held. The plant in the Sahara desert has been surrounded by the Algerian army.
"Algeria is not only a leading gas producer; it also produces 1.2 million barrels of crude oil per day," said analysts at Commerzbank in Frankfurt. "Even if supply risks have taken a back seat of late, they may flare up again at any time, resulting in a renewed risk premium on the oil price."
New figures showed oil stocks fell by 1 million barrels, or 0.3 percent, to 360.3 million barrels in the United States last week, while analysts had forecast a rise of 2.5 million barrels.
Despite the drop, supplies of oil and gasoline are above average for this time of year, with crude inventories nearly 9 percent higher than a year ago and gasoline levels more than 3 percent higher.
U.S. production of crude, at more than 7 million barrels a day, is the highest in 20 years.
"Compared to a year ago, the U.S. has added to the world more crude oil than it has taken out" with the sanctions it has led against Iran because of the Islamic Republic's nuclear program, said Olivier Jakob of Petromatrix in Switzerland.
Traders are waiting for China's growth data Friday to help assess the strength of the global economy. China will release fourth-quarter growth data for 2012 as well as overall GDP figures for the year.
Meanwhile, brent crude, used to price international varieties of oil, was up 57 cents to $110.25 per barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
_ Wholesale gasoline was up 1 cent to $2.7485 a gallon.
_ Natural gas lost 4.7 cents to $3.388 per 1,000 cubic feet.
_ Heating oil added 2.15 cents to $3.0139 a gallon.
Pamela Sampson in Bangkok contributed to this report.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)