Oil jumps on China exports, Japan economic growth

Oil prices rose Monday as positive news on exports from China and economic growth in Japan followed last week’s solid jobs report in the U.S.

Benchmark U.S. oil for July delivery gained $1.75 to close at $104.41 a barrel on the New York Mercantile Exchange. That’s the highest closing price since March 3.

Brent crude, a benchmark for international oils, rose $1.29 to $109.15 a barrel in London.

China reported Sunday that exports rose 7 percent in dollar terms in May, up from a 0.9 percent increase in April that followed a slump in February and March. The surge in exports reinforced confidence that the U.S. and European recoveries will drive stronger demand for commodities, including oil.

Japan raised its estimate for economic growth in the January-March quarter to 6.7 percent from 5.9 percent, as investment by companies was stronger than first thought.

On Friday, U.S. employment figures also suggested stronger demand for oil. Employers added 217,000 jobs during May, the fourth straight month of decent growth.

In other energy futures trading on Nymex:

— Wholesale gasoline gained 5 cents to $2.98 a gallon.

— Natural gas fell 7 cents to $4.65 per 1,000 cubic feet.

— Heating oil rose 2 cents to $2.89 a gallon.

More in Herald Business Journal

Health-care consumers need to take the lead, so get smart

David Russian, CEO of Western Washington Medical Group, writes our third essay about fixing health care.

More business, more competition for Everett kidney dialysis center

Nonprofit Puget Sound Kidney Centers sees large for-profit competitors enter state market.

Molina Medical holds fall carnival for families in Everett

Molina Medical is hosting a free event for families in the Everett… Continue reading

Leadership Snohomish County celebrates 20 years of service

Leadership Snohomish County is celebrating its 20th anniversary. The organization was launched… Continue reading

Snohomish, Monroe manufacturers honored for innovation, excellence

Two Snohomish County companies have been honored with Manufacturing Excellence awards at… Continue reading

Remodeled home tours planned this weekend

This weekend, Edmonds-based Chermak Construction will participate in the 2017 Remodeled Homes… Continue reading

Barron Heating to celebrate anniversary at Marysville showroom

Barron Heating and Air Conditioning is celebrating its 45th anniversary from 10… Continue reading

Robots on Wall Street: Slow-footed regulators lose ground

Watchdogs have to figure out how to check computers running lightening-fast algorithms.

US budget deficit hits $666B, an $80B spike for the year

The deficit issue has largely fallen in prominence in Washington in recent years.

Most Read