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

Teddy, an English bulldog, models Zentek Clothing’s heat regulating dog jacket. (Ian Terry / The Herald)
Everett clothing company keeps your dog cool and stylish

Zentek uses space-age fabrics to moderate the temperature of pets and now humans.

Everett engineers learn lessons from Mexico City catastrophe

Structural scientists went to help after the September earthquake there and studied the damage.

Providence said to be in talks for merger with Ascension

The two Catholic health organizations have been exploring joining forces, sources say.

DaVita to sell off medical groups including The Everett Clinic

Another round of health care consolidation means The Everett Clinic could soon get new ownership.

Engine trouble hits Air New Zealand’s 787 Dreamliners

A Rolls-Royce engine was shut down and was afterward found to be seriously damaged.

Washington, Amazon sue company over seller training programs

Braintree is accused of using deceptive ads promising information on how to make money on Amazon.

Lockheed-Martin dominates global arms sales, Boeing is 2nd

The combined sales of U.S.-based companies totaled $217 billion.

The Marine Corps’ version of the F-35 Joint Strike Fighter is designed to land vertically like a helicopter. (Lockheed Martin)
F-35 fighter costs, $1 trillion over 60 years, draw scrutiny

Pentagon’s ability to repair F-35 parts at military depots is six years behind schedule.

Incidents of severe disturbances on commercial flights climb

The number of cases in which the cabin crew had to restrain a passenger rose to 169 last year.

Most Read