June 19 (Bloomberg) -- Crude oil was little changed after rising yesterday on reports that signaled the U.S. economy will rebound later this year, prompting an increase in energy demand.
Oil and stocks climbed after manufacturing in the Philadelphia region contracted in June at the slowest pace in nine months. The index of leading economic indicators rose in May and the number of Americans receiving jobless benefits fell for the first time since January, separate reports showed.
Prices “stubbornly” held up “on expectations that the economy is recovering and demand will strengthen,” said Peter Beutel, president of Cameron Hanover Inc., an energy consulting company in New Canaan, Connecticut.
Crude oil for July delivery rose 14 cents to $71.51 a barrel at 8:13 a.m. Sydney time on the New York Mercantile Exchange. Prices are up 60 percent this year and reached a seven-month high of $73.23 on June 11. Yesterday, they rose 34 cents, or 0.5 percent, to settle at $71.37 a barrel.
Oil is poised to fall for the first week in five.
The Federal Reserve Bank of Philadelphia’s general economic index climbed to minus 2.2 from minus 22.6 in May, the bank said yesterday. Negative numbers signal contraction. The index of leading economic indicators gained 1.2 percent in May, more than forecast, following a 1.1 increase in April, the New York-based Conference Board reported yesterday. more...
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