Oil drops more than 1% per cent on big increase in gasoline supplies
NEW YORK, N.Y. - The price of oil fell more than one per cent Wednesday after government data showed that U.S. demand for gasoline fell last week to the lowest level in a year.
Benchmark West Texas Intermediate crude for February delivery fell $1.34, or 1.4 per cent, to close at $92.33 a barrel on the New York Mercantile Exchange.
The U.S. Energy Department said supplies of gasoline rose by 6.2 million barrels last week, a jump of nearly three per cent.
Platts, the energy information arm of McGraw-Hill, said the data indicated that demand for gasoline was the lowest since the same week last year. Analysts surveyed by Platts had expected gasoline supplies to rise by two million barrels.
Brent crude, used to set prices for international varieties of crude, fell 20 cents to US$107.15 on the ICE Futures exchange in London.
In other energy futures trading, wholesale gasoline dropped two cents to US$2.66 a U.S. gallon (3.79 litres), heating oil slipped one cent to US$2.95 a gallon and natural gas fell eight cents to US$4.22 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), (TSX:CVE)
Read more Business News
- Tourist falls to his deathPenticton / S. Okanagan
- Hwy 5 partially closedCentral Okanagan
- BC sets up support paymentsBC
- Family looks for answersKelowna
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.25||+0.01|
|Copper Mountain Mining||2.93||+0.02|
|Sunrise Resources Ltd||0.025||0.00|
|Mission Ready Services||0.245||-0.005|
Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....
Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...
There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...