BANGKOK (AP) — The price of oil rose to near $87 a barrel Monday in Asia as leaders in Japan and China, two of the world’s biggest economies, raised the prospect of more economic stimulus that could boost demand for crude.
Benchmark oil for January delivery was up 18 cents to $86.91 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract ended up 84 cents Friday at $86.73.
Weekend elections in Japan delivered a resounding victory to the Liberal Democratic Party, returning it to power after a three-year hiatus. Leader Shinzo Abe has called for aggressive steps to break Japan out of its 20-year economic decline.
China’s new Communist Party leaders are promising reforms aimed at reducing reliance on exports and more spending if needed to prop up a shaky economic recovery. In the first statement of their economic goals since taking power in November, the new party leaders pledged continuity Sunday with long-term plans aimed at nurturing self-sustaining growth and raising incomes.
Brent crude was down 7 cents at $108.11 on the ICE futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline fell 0.1 cent to $2.66 a gallon.
— Heating oil rose 0.3 cent to $2.98 a gallon.
— Natural gas fell 3.2 cents to $3.282 per 1,000 cubic feet.
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Sen. Rand Paul, R-Ky., flanked by a grouper-eyed Michele Bachmann, addresses the IRS' admission that it targeted Tea Party groups in advance of the 2012 election. In an op-ed for CNN Thursday, the Kentucky senator slammed the president for his faux outrage.
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Ousted IRS chief Steven Miller is sworn in on Capitol Hill Friday. Miller testified before the House Ways and Means Committee on the extra scrutiny the agency gave conservative groups applying for tax-exempt status.
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Attorney General Eric Holder pauses as he testifies on Capitol Hill before the House Judiciary Committee Wednesday. Holder is under fire, among other things, for the Justice Department's gathering of phone records at the Associated Press.
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O.J. Simpson sits during an evidentiary hearing at Clark County District Court in Las Vegas, Nev., Thursday. Simpson, who is currently serving a nine-to-33-year sentence in state prison for armed robbery and kidnapping, is using a writ of habeas corpus to seek a new trial.
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When it rains it pours. President Barack Obama speaks during a news conference Thursday with Turkish Prime Minister Recep Tayyip Erdogan, inexplicably inspiring an #umbrellagate Twitter meme.
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A smoke plume rises high above a road block at the intersection of County A and Ross Road east of Solon Springs, Wis., Tuesday. No injuries were reported, but the the wildfire caused evacuations across northwestern Wisconsin.
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