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

Boeing marks the start of 777X production at Paine Field

The new jetliner combines “the best of the 777 and the best of the 787.” Test flights begin in 2019.

Amazon says it received 238 proposals for 2nd headquarters

Forty-three U.S. states, D.C., Puerto Rico, three Mexican states and six Canadian provinces want HQ2.

Amazon leases a southwest Everett warehouse for deliveries

The Seaway Center building is not as big as one of the company’s more typical fulfillment centers.

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.

JCPenney partners with EvCC, WSU to assist students

Earlier this month, JCPenney partnered with the Career Service Centers at Everett… Continue reading

Re/Max Elite adds two agents in Lynnwood

Jenelle Dent and Lori DaSilva have joined Re/Max Elite as agents at… Continue reading

Register for Marysville Tulalip Business Before Hours event

The Greater Marysville Tulalip Chamber of Commerce holds its next Business Before… Continue reading

Wells Fargo donates $2,500 to Edmonds Center for the Arts

Edmonds Center for the Arts has received a grant of $2,500 from… Continue reading

More business, more competition for Everett kidney dialysis center

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

Most Read