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Oil little changed, investors weigh global economy

Published on NewsOK Modified: January 18, 2013 at 2:14 pm •  Published: January 18, 2013

Independent analyst Jim Ritterbusch said the current price for a barrel of oil may be unsustainable.

"The market appears to be sending off signals that some assistance from continued stock market gains and a weakening US dollar will be needed if this advance is to continue."

Natural gas futures rose, however. The price is up about 6 percent in the past week with a chillier forecast pointing to heavier use of the thermostat in many parts of the country.

Energy analyst Addison Armstrong points out that below-normal temperatures are expected in February across the Midwest and Chicago, the nation's largest gas-consuming region.

Natural gas rose 7 cents on Friday to end at $3.57 per 1,000 cubic feet.

Meanwhile, Brent crude, used to price international varieties of oil, rose 79 cents to finish at $111.76 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline rose 3 cents to end at $2.80 a gallon.

— Heating oil rose 3 cents to finish at $3.05 a gallon.


Pamela Sampson in Bangkok and Pablo Gorondi in Budapest contributed to this report.