Oil prices were steady Thursday after rising moderately in the previous session, supported by Wall Street's overnight rise and threats to U.S. oil supplies, Ap reported. Wall Street rallied Wednesday after the U.S. Commerce Department said retail sales rose unexpectedly last month. Energy investors often view the equity market as a barometer of economic health, worrying that any slowdown in growth will lead to a corresponding slump in energy demand. Traders also remain concerned about Venezuelan President Hugo Chavez's threat to halt oil sales to the United States in response to Exxon Mobil Corp.'s bid to freeze billions of dollars in Venezuelan assets. However,Light, sweet crude for March delivery rose 16 cents to US$93.43 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract rose 49 cents to settle at US$93.27 a barrel on Wednesday. Investors were also heartened by U.S. President George W. Bush's signing Wednesday of the US$168 billion (¤115.2 billion) economic stimulus package that will send tax rebate checks to millions of Americans. Oil prices have fallen from a January record above US$100 a barrel largely on concerns about economic growth and falling demand for oil and gasoline. Traders shrugged off a mixed U.S. government inventory report that said crude oil supplies grew 1.1 million barrels last week, less than the expected 2.7 million barrel increase. The U.S. Energy Information Administration said gasoline inventories rose 1.7 million barrels while inventories of distillates, which include heating oil, dropped 100,000 barrels last week. Heating oil futures added 0.58 cent to US$2.6214 a gallon (3.8 liters) while gasoline prices rose 0.8 cent to US$2.3979 a gallon. Natural gas futures rose 9.2 cents to US$8.48 per 1,000 cubic feet. Brent crude added 33 cents to US$93.65 a barrel on the ICE Futures exchange in London.
