Crude climbs on expectations for global stimulus

Prices settle almost unchanged for the week Crude-oil futures at Nymex rose on Friday, 15 June 2012 lifted by expectations for global stimulus, which could boost prospects for oil demand. But prices still ended the week nearly unchanged, with gloomy U.S. economic data capping strength as traders awaited the outcome of this week's Greek elections. Light and sweet crude for July delivery tacked on 12 cents, or 0.1%, to settle at $84.03 a barrel on the New York Mercantile Exchange on Friday. A week ago, it settled at $84.10. Among economic data expected for the day on Friday, the University of Michigan-Thomson Reuters consumer-sentiment index fell to a preliminary June reading of 74.1, the lowest level since December from 79.3 in May. Market had expected a June reading of 77.8. Separately, the Empire State index fell to 2.3 in June from 17.1 in May, according to the manufacturing survey released by the New York Federal Reserve. It's the lowest reading since last November. Market had expected the index to pull back to 12.8. And the Fed reported on Friday that industrial production slipped a seasonally adjusted 0.1% in May after gaining 1% in April. The market was expecting no change in May. In the currency market on Friday, the dollar index, which weighs the strength of the dollar against a basket of six other currencies, fell by 0.3%. The Federal Reserve and other central banks from the Group of 20 nations are reportedly getting ready to provide stimulus, amid mounting concern that Greece might leave the euro zone following the result of elections this weekend. European Central Bank President Mario Draghi reportedly said on Friday that the ECB will continue to supply liquidity to solvent banks where needed. Among other energy products on Friday, July gasoline rose 2.5 cents, or 1%, to $2.70 a gallon, ending 0.6% higher than a week ago. July heating oil finished at $2.65 a gallon, up 2 cents, or 0.7%, marginally below last Friday's close of $2.67. Natural gas for July delivery shed 3 cents, or 1.1%, to settle at $2.47 per million British thermal units. It ended 7.4% higher for the week.