Wednesday, September 17th15.1°C
23373
20950

Crude oil slips below US$103 on February fall in China's manufacturing activity

The price of oil slipped below US$103 a barrel Thursday after a report indicated that manufacturing in China, the world's second-biggest economy, shrank again in February.

Benchmark West Texas Intermediate crude for March delivery fell 39 cents to close at US$102.92 a barrel on the New York Mercantile Exchange on the last day of trading for the contract. Crude for April delivery fell nine cents to close at US$102.75.

Oil prices fell after a monthly survey by HSBC found that China's manufacturing, a driver of the global economy, contracted for a second straight month.

The HSBC purchasing managers' index also declined to the lowest since July, a sign of the extended slowdown in China as leaders in Beijing try to clamp down on an investment boom and refocus the economy on domestic consumption.

"Results from this private sector survey have deteriorated for four months now, which indicates an unambiguous trend of domestic growth deceleration," Societe Generale economist Wei Yao said in a report.

Uncertainty about protests in Venezuela, a major U.S. oil supplier, as well as export disruptions in Libya and South Sudan kept a floor under oil prices.

Prices were also steadied by a weekly report from the U.S. Energy Department released Thursday that showed oil stockpiles grew about half as fast as expected, according to analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos.

Brent crude, a benchmark for international oil used by many U.S. refineries, fell 17 cents to close at US$110.30 a barrel on the ICE Futures exchange in London.

The price of natural gas fell 1.4 per cent to close at $6.06 per 1,000 cubic feet, retreating somewhat after Wednesday's 11 per cent surge to $6.15, its highest level since December of 2008.

In other energy futures trading on Nymex, wholesale gasoline rose 2.2 cents to close at US$2.847 a U.S. gallon (3.79 litres) and heating oil rose 3.2 cent to close at US$3.178 a gallon.

(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

22967


Recent Trending




Today's Market
S&P TSX15458.88-51.66
S&P CDNX972.51-3.19
DJIA17156.8524.88
Nasdaq4562.189+9.43
S&P 5002001.57+2.59
CDN Dollar0.9082+0.0005
Gold1223.80-12.10
Oil93.64-0.78
Lumber349.00+1.00
Natural Gas4.056-0.021

 
Okanagan Companies
Pacific Safety0.165-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.05
Cantex0.06-0.01
Anavex Life Sciences0.2361-0.0139
Metalex Ventures0.060.00
Russel Metals36.37+0.42
Copper Mountain Mining2.73+0.04
Colorado Resources0.17+0.01
ReliaBrand Inc0.027+0.003
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.29-0.01

 



23171

FEATURED Property
1973234#322 654 COOK Road,
1 bedrooms 1 baths
$289,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


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...


Brangelina and Celebrity vs Philanthropy

This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...

_



23109

23109


Member of BC Press Council


22267