Tuesday, June 30th22.7°C
26808

Oil slips for the day, but rises for the week on higher demand in US

The price of oil fell slightly but remained above US$102 on Friday, underpinned by U.S. demand for heating oil during a winter that does want to end.

Benchmark West Texas Intermediate crude for April delivery fell 55 cents to close at US$102.20 a barrel on the New York Mercantile Exchange. On Thursday, the contract fell nine cents to close at $102.75.

Oil is up two per cent for the week, however, on higher demand for heating oil in the U.S. as forecasters predicted a return of more cold weather in the coming weeks after a brief warm spell.

"Market players are now looking at weather conditions in the U.S.; it's quite cold and heating oil demand is getting tighter so that is supporting the crude oil prices," said Tetsu Emori, commodity markets fund manager at ASTMAZ Futures Co. in Tokyo.

Analysts said the recent rising trend in oil prices, which climbed for the sixth week in a row, could be about to reverse, however, because of tempering global demand and ample supplies.

A report on manufacturing activity in China released Wednesday suggested global economic growth could weaken, which would reduce demand for gasoline, diesel and jet fuel.

Also, supplies appear to be relatively strong in the U.S., despite the higher demand, according to this week's oil report from the U.S. Energy Department.

"Crude stocks in the U.S. were up week-on-week, while the draw in distillate inventories was lower than expected," said a report from JBC Energy in Vienna. "Together with the weak Chinese data from Wednesday, this took a part of the enthusiasm out of the recent rally."

Brent crude, a benchmark used to set prices for international varieties of crude used by many U.S. refineries, was down 45 cents to close at US$109.85 a barrel in London.

In energy futures trading in New York: wholesale gasoline fell 1.8 cents to close at US$3.003 a U.S. gallon (3.79 litres), heating oil fell 4.4 cents to close at US$3.039 a gallon and natural gas rose 7.1 cents to close at $6.135 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

26764


Recent Trending




Today's Market
S&P TSX14553.33+63.18
S&P CDNX671.49+4.40
DJIA17619.51+23.16
Nasdaq4986.87+28.40
S&P 5002063.11+5.47
CDN Dollar0.7996-0.001
Gold1173.10+1.60
Oil59.27-0.83
Lumber288.40-3.80
Natural Gas2.817-0.015

 
Okanagan Companies
Pacific Safety0.16-0.01
Knighthawk0.010.00
QHR Technologies Inc1.52-0.01
Cantex0.04-0.01
Anavex Life Sciences0.45+0.03
Metalex Ventures0.075+0.010
Russel Metals22.73+0.05
Copper Mountain Mining1.16-0.01
Colorado Resources0.08-0.02
ReliaBrand Inc0.006-0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.185+0.015
Decisive Dividend Corporation2.50+0.42

 





FEATURED Property
21550012533 Lucinde Road
4 bedrooms 7 baths
$2,398,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...


Renovation dreaming

Photo: Thinkstock.comDreaming of a new fire pit? A deep soaker tub?With summer on its way, lots of families have renovations on their minds. Did you know that home buyers can apply for a Purchase Plus...

_





26870


Member of BC Press Council


26045