Saturday, April 19th-0.1°C

Oil little changes as demand concerns offset solid US retail sales report

Oil prices barely budged Thursday as concern about weak demand for gasoline and diesel fuel offset solid U.S. retail sales data.

Benchmark West Texas Intermediate crude for January delivery rose six cents to close at US$97.50 on the New York Mercantile Exchange.

The market was buoyed somewhat after the U.S. Commerce Department said retail sales rose 0.7 per cent in November. It was the biggest gain in five months and suggested consumer spending would increase over the winter season.

But there was lingering concern about fuel demand a day after the Energy Department said U.S. gasoline and distillate supplies increased last week more than three times what analysts had been expecting.

Markets will be looking for fresh direction from next week's policy meeting of the U.S. Federal Reserve. There are increasing expectations that the Fed will start to cut back its monetary stimulus, which has helped push investors to commodities like oil in search of profits outpacing low bonds yields.

In other markets, Brent crude, a benchmark for international oil, was down 74 cents at US$108.96 a barrel on the ICE exchange in London.

Among other energy futures trading on the Nymex, wholesale gasoline fell three cents to US$2.63 a U.S. gallon (3.79 litres), heating oil lost four cents to US$2.98 a gallon and natural gas rose seven cents to US$4.41 per 1,000 cubic feet.


The Canadian Press

Read more Business News


Recent Trending

Today's Market
S&P TSX14500.39+53.87
S&P CDNX998.770.80
S&P 5001864.85+2.54
CDN Dollar0.90720.00
Natural Gas4.735+0.205

Okanagan Companies
Pacific Safety0.115+0.01
QHR Technologies Inc1.29+0.07
Anavex Life Sciences0.3750.00
Metalex Ventures0.08+0.005
Russel Metals30.66+0.11
Copper Mountain Mining2.35-0.07
Colorado Resources0.255-0.01
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.25+0.02



19183722600 plus sq. ft. home on level 1/2 acre in rural south B.X., VERNON
more details
Click here to feature your property
Please wait... loading

Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...

Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...

Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...




Member of BC Press Council