Oil falls near US$100 a barrel; analysts predict a rise in US stockpiles
The price of oil dropped near US$100 a barrel Tuesday on expectations that U.S. oil supplies rose last week.
Benchmark West Texas Intermediate crude for April delivery dropped $1.09 to close at US$100.03 a barrel on the New York Mercantile Exchange, the lowest price in a month.
Brent crude, used to set prices for international varieties, rose 47 cents to US$108.55 on the ICE Futures exchange in London.
Investor expectations that the U.S. Energy Department will report an eighth straight weekly increase in oil supplies put pressure on prices.
Data for the week ended March 7 is expected to show an increase of 2.3 million barrels in crude oil stocks and a decline of 1.8 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
In other energy futures trading on Nymex, wholesale gasoline gained two cents to US$2.97 a U.S. gallon (3.79 litres), heating oil was down one cent at US$2.96 a gallon and natural gas lost five cents to US$4.61 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
- Ex premier has Alzheimer'sWest Kelowna - 12:09 pm
- Foul play ruled out in deathVernon / N. Okanagan - 1:24 pm
- CN talks, no deal yetCentral Okanagan - 11:58 am
- Politics: And they're offKelowna - 11:38 am
|QHR Technologies Inc||1.26||+0.03|
|Anavex Life Sciences||0.184||-0.001|
|Copper Mountain Mining||2.42||-0.10|
|Sunrise Resources Ltd||0.065||+0.045|
|Mission Ready Services||0.32||-0.02|
Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...
Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...
Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...