Crude inches up

Crude ekes out quarterly gains but incurs monthly losses Crude-oil futures at Nymex inched higher on Friday, 30 March 2012. With Friday's gains, prices managed to recoup at least some of their recent steep losses. Light and sweet crude oil for May delivery rose 24 cents, or 0.2%, to settle at $103.02 a barrel on the New York Mercantile Exchange on Friday. It managed to end the quarter with gains of 4.2%. The quarterly advance follows a 25% increase in the fourth quarter of 2011, and gains of 8.2% for 2011. On the month, oil lost 3.8%, the worst result since September. Disappointing U.S. data, reverberations from a massive weekly increase in supplies, and talk of a release from emergency oil supplies of several developed countries also contributed to the bearish tone that had gripped the oil market most of the week. The dollar index, which compares the U.S. unit to a basket of six currencies, dropped by 0.2% on Friday. The euro rose versus the dollar after euro-zone finance ministers on Friday agreed to temporarily raise the lending capacity of the region's rescue funds to 700 billion euros ($934 billion) from €500 billion. Friday's economic reports had the Commerce Department reporting spending rose 0.8% in February as income climbed 0.2%. And, the University of Michigan and Thomson Reuters said consumer sentiment in March climbed to its highest level in more than a year, as Americans gained more confidence about their economic conditions. Separately, a read on business activity in the Chicago area decelerated in March, but remained above 60% for a fifth consecutive month. Meanwhile, among other energy products, April gasoline declined 1 cent, or 0.3%, to $3.39 a gallon on Friday. The April contract expired at the end of floor trading Friday. Quarterly, however, gasoline rose a whopping 26%. Gasoline is up 11% for the month, and it has gained for four straight months. April heating oil gained less than a penny, or 0.3%, to finish at $3.17 a gallon on Friday. The April contract also expire at the end of Friday. On the quarter, heating oil gained 8%. That was the best quarter since the first three months of 2011. On the month, however, the product lost 0.6%. Natural gas for May delivery declined 2 cents, or 1.1%, to end at $2.13 per million British thermal units, its lowest since early February 2002. On the quarter, natural gas slumped 29%, down five straight quarters and notching its worst three-month period since the first quarter of 2010. It ended 2011 at $2.99 per million Btus, with losses of 32%. It was down 19% in March.