Tuesday, August 4th15.2°C
27162
26952

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




Recent Trending




Today's Market
S&P TSX14427.54-41.19
S&P CDNX592.44-1.87
DJIA17614.43+16.23
Nasdaq5121.28+5.90
S&P 5002099.97+1.93
CDN Dollar0.7612+0.0012
Gold1096.90+0.60
Oil46.11+0.55
Lumber259.40+7.30
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.40-0.02
Cantex0.035-0.005
Anavex Life Sciences1.15+0.01
Metalex Ventures0.05+0.00
Russel Metals19.37-0.03
Copper Mountain Mining0.81+0.02
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
23616561725 Merlot Drive
5 bedrooms 4 baths
$779,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Mortgage policy changes?

There are rumours circulating again that the federal government may move to tighten mortgage insurance criteria. This is prompted by a recent article in the Financial Post. The housing market while b...


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...

_








Member of BC Press Council


26707