SINGAPORE — Oil prices rose above $72 a barrel Monday in Asia as investors looked to a slew of U.S. corporate earnings reports this week for signs of economic recovery.
Benchmark crude for November delivery was up 44 cents at $72.21 by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 8 cents to $71.77 on Friday.
Crude investors will be eyeing third quarter company results and forecasts for the rest of the year for clues about the strength of the U.S. economy. Top banks JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. report this week along with Google Inc., Southwest Airlines Co., Intel Corp., IBM Corp., General Electric Co., and Johnson & Johnson.
A more optimistic crude demand forecast by the International Energy Agency on Friday helped boost trader confidence. The Paris-based IEA, which advises oil-consuming countries, said demand will likely reach 86.1 million barrels a day in 2010, up 1.7 percent from this year.
On Sunday, Kuwaiti oil minister Sheik Ahmed Al Abdullah Al Sabah told the state news agency that an oil price range between $60 to $80 a barrel is acceptable — echoing earlier remarks by Saudi Arabia.
The two Middle Eastern countries are members of the Organization for Petroleum Exporting Countries, which accounts for about a third of the world’s oil production.
In other Nymex trading, heating oil rose 1.71 cents to $1.87 a gallon. Gasoline for November delivery gained 1.11 cents to $1.78 a gallon. Natural gas for November delivery jumped 5.2 cents to $4.82 per 1,000 cubic feet.
In London, Brent crude rose 48 cents to $70.48 on the ICE Futures exchange.
Business
Oil rises above $72 ahead of US company results
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‘Timely investment’
Thanks to funding from INNOVA Commercialization Group of Fairmont, Protea Biosciences Group Inc. of Morgantown is meeting the needs of pharmaceutical companies in an improved way.
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G&S Wireless has new home at Tygart Commons
G&S Wireless is excited to be better able to serve customers at its new home in White Hall.
The store, a U.S. Cellular authorized agent, recently moved into the newly constructed Tygart Commons shopping plaza between Walmart and Tygart Valley Cinemas, after being located in the Middletown Mall for about 16 years. -
TechConnect to host biometrics forum on June 20
An upcoming forum will bring people together in a spirit of collaboration to determine how to move the state’s biometrics industry forward.
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Mentus goes full-time with taxidermy business
John Mentus has gone full-time with his taxidermy business, called JGM Taxidermy.
About two weeks ago, the Fairmont native opened his shop at 1620 Locust Ave., which is past the Exxon gas station and across from WomanCare. -
West Virginia’s unemployment rate continues to gradually improve
West Virginia’s unemployment rate continues to gradually improve along with the economy.
The Labor Market Information unit of WorkForce West Virginia’s Research, Information and Analysis Division recently published labor force estimates for the state for March 2012. -
Horn Hounds offers deer minerals, attractant
Horn Hounds LLC is Jim Gaines’ dream and passion.
In November, Gaines obtained his business license for his company, which makes deer minerals and attractant, and in January or February the operations kicked off. He runs Horn Hounds out of an office in his home in Metz. -
‘100 percent real world’
The West Virginia Statewide Collegiate Business Plan Competition is “100 percent real world.”
Meg Grzeskiewicz, a senior in West Virginia University’s Davis College of Agriculture, Natural Resources and Design, was recently awarded $10,000 for winning in the Lifestyle and Innovation category of the 2011-12 competition. -
The Colon Spa: Treatment without drugs
The Colon Spa is helping clients get their digestive systems on track.
In the middle of March, owner Alexandra Main opened The Colon Spa in Fairmont at 1827 Locust Ave., next to Westchester Village in a little white building off the side of the parking lot. -
Local financial institutions show dedication to community
Local financial institutions are dedicated to the community and are doing their part to help the economy grow.
First Exchange Bank takes pride in supporting the community, said Bill Goettel, president and CEO. -
Fairmont Tire and Auto Repair full-service shop
Fairmont Tire and Auto Repair is geared toward family and great service.
This full-service shop, co-owned by Bob Mullenax and his son Brian Mullenax, opened in August in the Winfield area. - More Business Headlines
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‘Timely investment’
