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)
Read more Business News
- Amanda Todd case BC - 8:18 am
- Semi flips on 97CBC - 7:30 am
- Vernon parking fees dropVernon / N. Okanagan - 5:00 am
- Be a recycling superheroKelowna - 4:59 am
|QHR Technologies Inc||1.29||+0.07|
|Anavex Life Sciences||0.375||0.00|
|Copper Mountain Mining||2.35||-0.07|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.25||+0.02|
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...
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...
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...