Benchmark Crude Rises; Oil Market Stable After Losses
Oil prices firmed Thursday on what analysts said were largely technical factors as the market stabilized after the sharp losses sustained during the past few days.
West Texas Intermediate, the benchmark U.S. crude for immediate delivery, climbed 32 cents to $14.48 a barrel in trading on the New York Mercantile Exchange.
In U.S. Gulf Coast spot trading, where oil is sold to the highest bidder, West Texas Intermediate rose by a nickel to $14.25 a barrel.
In European spot trading, the United Arab Emirates’ Dubai light--the key OPEC crude from the Middle East--gained 9 cents to $11.69 a barrel.