CNBC: Oil heads toward US$74 in Asia on renewed optimism over US economic recovery
KUALA LUMPUR, Malaysia - Oil prices have rebounded to near US$74 a barrel amid renewed optimism about U.S. economic recovery after interest rates were kept at record low and President Barack Obama vowed to boost job growth in his first State of the Union address.
Benchmark crude for March delivery rose 27 cents to $73.94 a barrel at midday Thursday in Kuala Lumpur, Malaysia, in electronic trading on the New York Mercantile Exchange. The contract fell $1.04 to settle at $73.67 on Wednesday, the lowest since Dec. 14 when crude dipped to $73.46.
In other Nymex trading in February contracts, heating oil rose 0.88 cent to $1.9256 a gallon, while gasoline dropped 0.37 cent to $1.9355 a gallon.
In London, Brent crude for March delivery rose 17 cents to $72.41 a barrel on the ICE Futures exchange.
