Oil up following Wall Street gains, hope for Spain
BANGKOK -- A positive day for stock markets and hopes that Spain might be on the verge of requesting a bailout to fix its debt crisis helped push oil prices higher Wednesday.
Benchmark oil for November delivery was up 16 cents to $92.25 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract closed 24 cents higher in New York at $92.09 a barrel on Tuesday.
Brent crude, which is used to price international varieties of oil, was up 1 cent to $114.01 a barrel in London.
Wall Street stocks posted gains Tuesday after blue chip companies including toy maker Mattel and Goldman Sachs posted stronger-than-expected earnings for the third quarter. The enthusiasm carried over to most Asian markets Wednesday.
Analysts also said the new found enthusiasm for stocks also stemmed from Spain, which outsiders have been pressing to accept international aid to help it wade through a tangle of recession, high unemployment and debt.
Spain has been reluctant to ask for help, opting instead to try to fix its problems by instituting economic reforms and slashing government spending.
Other energy futures on the Nymex:
_ Heating oil fell 0.9 cent to end at $3.189 a gallon.
_ Natural gas gained 0.7 cent to $3.444 per 1,000 cubic feet.
_ Wholesale gasoline dropped 0.5 cent to $2.797 a gallon.