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

  • Philips loses $467 million patent suit to US competitor
     AMSTERDAM – Royal Philips NV says it will book a $467 million charge in the third quarter after losing a patent lawsuit to smaller U.S. competitor Masimo Corp.
  • Barra shares plan to renew GM
    MILFORD, Mich. – General Motors CEO Mary Barra told investors Wednesday that GM plans a raft of new models and a big push to sell more cars in China to drive profits in coming years, as the biggest U.S.
  • General Mills to cut workforce
    General Mills plans to cut about 700 to 800 jobs, the second time it has trimmed its workforce in a month as the food company adjusts to a shift by U.S.
Advertisement
Associated Press
Ingrid Parham chisels away at frozen snow surrounding her car in Paterson, N.J. Soaring demand for fuel oil in the Northeast is being blamed for a surge in fuel heating prices.

Oil cracks $100 after demand up for fuel oil

The price of oil extended gains above $100 a barrel Monday as the cold weather in the United States increased demand for heating fuels and solid Chinese credit numbers eased concerns over the world’s second-biggest economy.

By midday, benchmark U.S. crude for March delivery was up 62 cents to $100.92 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract fell 5 cents to close at $100.30.

“The ongoing cold weather in the U.S. is continuing to lend support to energy prices,” analysts at Commerzbank in Frankfurt said.

They added that prices are likely to correct, possibly as much as several dollars, after the cold weather abates, as occurred at the beginning of last year.

For now, though, oil prices have been supported by favorable credit growth numbers from China, which suggested the Chinese economy is not suffering a dramatic slowdown.

Lending by Chinese banks and in the largely unregulated underground market rebounded to $430 billion in January from December, according to the central bank.

Lending usually surges at the start of a new year but January’s rise exceeded forecasts and might help to ease worries about cooling retail sales, manufacturing and other activity.

Brent crude, used to set prices for international varieties of crude, was flat at $109.18 on the ICE Futures exchange in London.

Advertisement