BUSINESS

Oil flat at US$92; US and Chinese economies improve but supplies are ample

10/18/2012 04:49 EDT | Updated 12/18/2012 05:12 EST
NEW YORK, N.Y. - Mixed signals from the world's largest economies kept the price of oil flat Thursday.

U.S. benchmark crude eased two cents to finish at US$92.10 a barrel in New York. Brent crude, which many U.S. refiners use to make gasoline, fell 80 cents to $112.42 in London.

An increase in new home construction reported Wednesday suggested the U.S. economy was improving and would need more gasoline, diesel and jet fuel in coming months.

At the same time, U.S. oil supplies have climbed higher than expected and are above their five-year average for this time of year.

China's economic news also offered a complicated outlook for oil demand. The slide in the country's growth rate appeared to be slowing, according to data reported Thursday. That could mean Chinese oil demand will pick up. But the data also lowered expectations that China's government will introduce new measures to stimulate the economy. That could keep a lid on demand.

Either way, players in the oil market didn't have much to latch onto.

"There was no surprise, so there's not much impact," said oil analyst Jim Ritterbusch.

In other energy futures trading in New York:

— Heating oil fell a penny to $3.17 per gallon.

— Wholesale gasoline fell three cents to $2.75 per gallon.

— Natural gas rose 12 cents to $3.59 per thousand cubic feet.

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