Oil prices edge lower
COLUMBUS, Ohio — Oil prices on Monday paused in their two-week rally, as stock markets dipped with mixed signals on the economy.
Benchmark crude for September delivery lost 5 cents to $68 a barrel on the New York Mercantile Exchange. On Friday, the contract rose 89 cents to settle at $68.05.
Oil has rebounded from $58.78 a barrel earlier this month as stronger economic results from the U.S. and China boosted investor optimism along with better than expected second-quarter results from many companies.
The Dow Jones industrial average has risen about 11 percent during the last 10 days, but was down slightly in Monday midday trading.
The government said Monday that new U.S. home sales jumped 11 percent in June, the largest amount in nearly nine years.
Sales have risen for three straight months, but the median sales price of $206,200 was down 12 percent from $234,300 a year earlier.
The report initially sent oil — and the stock markets — higher.
But even with growing signs of optimism, demand for oil has remained weak.
“Oil can’t stand on its own,” said Phil Flynn of Alaron Trading. “It’s looking at what the other markets are doing.”
Peter Beutel of Cameron Hanover said oil also has gotten support from refineries running at levels well below years past.
“That’s the only fundamental factor for prices to be higher,” he said.
Prices at the pump moved up 0.8 cents overnight to $2.50 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Prices are now 3.5 cents higher than a week ago, but 14.8 cents below levels of a month ago and $1.47 down from year-ago levels.
In other Nymex trading, gasoline for August delivery rose 0.4 cent to $1.92 a gallon and heating oil gained 0.97 cent at $1.7910. Natural gas for August delivery fell 6 cents to $3.635 per 1,000 cubic feet.
In London, Brent prices rose 12 cents to $70.44 a barrel on the ICE Futures exchange.
Associated Press writers Pablo Gorondi in Budapest, Hungary, and Alex Kennedy in Singapore contributed to this report.
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