Arab Today, arab today us oil price little changed amid mixed data
Last Updated : GMT 18:20:30
Arab Today, arab today
Arab Today, arab today

US oil price little changed amid mixed data

Arab Today, arab today

Arab Today, arab today US oil price little changed amid mixed data

New Yourk - XINHUA

U.S. oil price was little changed around 100 dollars Friday as encouraging consumer sentiment index offset the unexpected shrinking of its industrial production. The Federal Reserve reported Friday that U.S. industrial production decreased 0.3 percent in January after rising 0.3 percent in December. It was the largest decline since May 2009. Moreover, manufacturing output fell 0.8 percent in January, partly because of the severe weather that curtailed production in some regions of the country, it added. However, U.S. oil price didn't lose much as a report showed that the preliminary reading of the Reuters/University of Michigan 's consumer sentiment index for February stood at 81.2, surpassing the market consensus of 80.0. Reports said more snow would come to the northeast of U.S.. Analysts believe the frigid weather has mixed impact on oil prices. It boosted consumption of fuels such as heating oil, but more people staying at home suggest less use of gasoline. The Brent oil price closed higher Friday as data showed that the eurozone gross domestic product increased at a more-than- expected rate of 0.3 percent in the fourth quarter of 2013. Light, sweet crude for March delivery moved down 5 cents to settle at 100.3 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery gained 56 cents to close at 109.08 dollars a barrel.

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