BANGKOK (AP) — The price of oil eased back today after a strong day of gains propelled by U.S. economic data suggesting a sustained recovery in the world's largest economy.
Benchmark oil for May delivery fell 24 cents at midday Bangkok time to $96.10 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.53 to finish at a five-week high of $96.34 a barrel on the Nymex on Tuesday.
The U.S. Commerce Department said yesterday that orders for factory-produced durable goods rose more than expected in February. Home prices also rose in January, according to the Standard & Poor's/Case-Shiller 20-city price index. That helped push up energy prices.