Oil steady on 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 kept oil prices steady Wednesday.
Benchmark oil for November delivery was unchanged at $92.09 a barrel at late afternoon 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 down 22 cents to $113.78 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 hopes Spain may bow to pressure 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.
In other energy futures trading on the Nymex:
_ Heating oil fell 1.3 cents to $3.186 a gallon.
_ Natural gas dropped 0.1 cent to $3.436 per 1,000 cubic feet.
_ Wholesale gasoline dropped 0.1 cent to $2.801 a gallon.