Oil prices rose slightly to near $107 a barrel Monday, March 19, in Asia amid mixed signs about U.S. economic strength, AP reports.
Benchmark oil for April delivery was up 34 cents to $107.40 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.95 to settle at $107.06 per barrel in New York on Friday.
Brent crude for May delivery was up 11 cents at $125.92 per barrel in London.
On Friday, the University of Michigan said its consumer sentiment index for last month was below analysts' expectations, driven by worries about gasoline prices, which soared 6 percent in February.
Higher gasoline prices could crimp the U.S. economy by shrinking the amount of money that people have to spend. Gasoline is currently selling for an average of $3.83 per gallon ($1 a liter) in the U.S., 31 cents more than a month ago.
Crude has jumped from $75 in October as signs of an improving U.S. economy – led by growing employment, retail sales and industrial production – bolstered investor confidence.
In other energy trading, heating oil was steady at $3.29 per gallon and gasoline futures gained 0.7 cent to $3.36 per gallon. Natural gas slid 0.2 cent to $2.33 per 1,000 cubic feet.
