Oil above US$97 as China manufacturing improves; plentiful supplies check gains
Oct 24, 2013 / 4:42 pm
NEW YORK, N.Y. - Oil rose for the first time this week on Thursday, but gains were kept in check by plentiful supplies.
Benchmark West Texas Intermediate crude for December delivery gained 25 cents to close at US$97.11 a barrel on the New York Mercantile Exchange. Oil is still down $3.70 a barrel, or 3.7 per cent, on the week.
One factor weighing on the price was Wednesday's report from the Energy Information Administration that said U.S. oil inventories rose by 5.2 million barrels last week, a possible symptom of subdued demand and overproduction. The rise in stockpiles followed a four-million-barrel increase the previous week.
Oil did get a lift Thursday from a survey that showed China's manufacturing rose to a seven-month high in October, suggesting continued momentum for the recovery in the world's second-biggest economy.
The preliminary version of HSBC's purchasing managers' index rose to 50.9 from September's 50.2 on a 100-point scale on which numbers above 50 indicate expansion.
Brent crude fell 81 cents to US$106.99 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex, wholesale gasoline added four cents to US$2.59 a U.S. gallon (3.79 litres), heating oil shed two cents to US$2.90 a gallon and natural gas rose one cent to US$3.63 per 1,000 cubic feet.
(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)
Read more Business News
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.33||-0.03|
|Copper Mountain Mining||1.53||-0.05|
Big Picture Bank earnings and upbeat economic news highlight an active week In contrast with last week’s quieter, U.S. holiday-shortened week, the first week of December was a comparatively acti...
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
- OPG fires 3 executives after auditor says generous salaries push up hydro rates
- Most actively traded companies on the TSX, TSX Venture Exchange markets
- Canada Post to phase out home delivery; eliminate thousands of postions
- Gas main leak that led to fire, evacuations in Oakland, California, is capped
- Reid says Senate will not extend farm law despite threat of milk prices rising
- Canadian Press NewsAlert:Canada Post to phase out home delivery in urban centres
- Tax prepare H&R Block posts slightly smaller 2Q loss, dip in revenue
- Gold stocks push Toronto stock market modestly higher amid Fed concerns
- US stocks ease lower after the latest record high in the Standard & Poor's 500 index
- Advocates see support for CPP expansion growing in advance of ministers meeting
- Loonie rises, Bank of Canada says risks to financial system have moderated
- Democratic, Republican negotiators reach budget pact restoring $65B in automatic spending cuts