Monday, August 31st17.7°C
26774
24949

Crude oil slips back below US$94 a barrel after Wednesday's big run-up

NEW YORK, N.Y. - The price of oil edged lower Thursday, a day after recording its biggest gain of the new year.

Benchmark West Texas Intermediate crude oil for February delivery slipped 21 cents to close at US$93.96 a barrel on the New York Mercantile Exchange after having surged $1.58 to settle at $94.17 in New York on Wednesday.

Brent crude, used to set prices for international varieties of crude, fell 52 cents to $105.75.

The market was buoyed Wednesday by a report from the U.S. Energy Department that showed oil supplies fell by 7.7 million barrels last week, the seventh straight weekly decline. Analysts expected a more modest drop of 1.6 million barrels.

On Thursday, OPEC said in a report that it expects global demand for oil to increase by around one million barrels a day, up from an increase of 900,000 barrels a day in 2013.

But supply is also on the rise and OPEC revised up slightly its estimates for oil supplies from non-OPEC countries for both 2013 and 2014.

In other energy futures trading in New York, wholesale gasoline fell three cents to US$2.60 a U.S. gallon (3.79 litres), hating oil was flat at US$2.98 a gallon and natural gas rose six cents to US$4.38 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)

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX13815.51-49.56
S&P CDNX560.17+4.50
DJIA16555.67-87.34
Nasdaq4784.30-44.02
S&P 5001976.57-12.30
CDN Dollar0.7593+0.0026
Gold1132.00-1.10
Oil48.60+3.38
Lumber233.60-3.50
Natural Gas2.687-0.028

 
Okanagan Companies
Pacific Safety0.18+0.02
Knighthawk0.010.00
QHR Technologies Inc1.23-0.06
Cantex0.04-0.01
Anavex Life Sciences1.35+0.01
Metalex Ventures0.05-0.00
Russel Metals21.97+0.56
Copper Mountain Mining0.63-0.01
Colorado Resources0.075-0.005
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.02-0.01
Mission Ready Services0.085+0.015
Decisive Dividend Corp2.75+0.14

 





FEATURED Property
240108327 acres
$580,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_





27313


Member of BC Press Council


27438