Thursday, September 18th14.6°C
23474
22646

Oil below US$97 a barrel after reports show weaker manufacturing in US, China

NEW YORK, N.Y. - The price of crude oil dropped Monday in the wake of reports showing weaker manufacturing activity in the United States and China.

Benchmark West Texas Intermediate crude for March delivery dropped $1.06 to close at US$96.43 a barrel on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties, fell 36 cents to US$106.04 on the ICE exchange in London.

A Chinese manufacturing index reported Saturday by a government-affiliated agency fell 50.5 points in January from 51 in December, just above the 50-level that signifies expansion.

Meanwhile, U.S. manufacturing barely expanded last month as cold weather delayed shipments of raw materials and caused some factories to shut down, a trade group of purchasing managers said Monday. The group said its index of manufacturing activity fell to 51.3 in January from 56.5 in December.

Weaker manufacturing in the world's two biggest economies could reduce global demand for energy.

In other energy futures trading on Nymex, wholesale gasoline was down two cents at US$2.61 a U.S. gallon (3.79 litres), heating oil rose one cent to US$3.01 a gallon and natural gas fell four cents to $4.91 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

22890


Recent Trending




Today's Market
S&P TSX15444.23-14.649
S&P CDNX970.57-1.94
DJIA17245.1688.31
Nasdaq4586.914+24.725
S&P 5002010.42+8.85
CDN Dollar0.9135+0.0058
Gold1225.80-10.10
Oil93.97-0.45
Lumber349.00+1.00
Natural Gas3.986-0.091

 
Okanagan Companies
Pacific Safety0.195+0.03
Knighthawk0.01-0.005
QHR Technologies Inc1.29+0.04
Cantex0.060.00
Anavex Life Sciences0.231-0.0051
Metalex Ventures0.060.00
Russel Metals36.83+0.46
Copper Mountain Mining2.71-0.02
Colorado Resources0.16-0.01
ReliaBrand Inc0.027+0.003
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.285-0.005

 



23480

FEATURED Property
19784432440 Old Okanagan Hwy
3 bedrooms 2 baths
$229,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...

_



23109




Member of BC Press Council


23096