Saturday, October 25th6.2°C
23711
22501

Oil slips on weak China manufacturing data, forecast of rising US supplies

The price of oil fell slightly Tuesday but remained above US$101 a barrel, dented by soft Chinese manufacturing figures and expectations of another increase in U.S. crude stockpiles.

By early afternoon in Europe, benchmark U.S. crude for May delivery was down 21 cents to $101.37 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, the Nymex contract fell nine cents to $101.58.

Brent crude, used to set prices for international varieties of oil, was down 20 cents to $107.56 a barrel on the ICE exchange in London.

The manufacturing index by the China Federation of Logistics & Purchasing ticked up to 50.3 points in March from 50.2 in February. Economists said the increase should have been a lot stronger because factories typically return to full speed in March after shutting for the extended Lunar New Year holiday, which begins in either January or February each year. The index uses a 100-point scale on which numbers above 50 indicate expansion.

China's economy has slowed after a decade of red-hot expansion as the country's leaders try to reduce reliance on trade and investment and encourage growth based on domestic spending.

Investors will later be monitoring fresh information on U.S. stockpiles of crude and refined products.

Data for the week ending March 28 is expected to show a build of 1.8 million barrels in crude oil stocks and a draw of two million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Crude stocks have risen 10 weeks in a row, adding over 32 million barrels between mid-January and March 21.

The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out on Wednesday.

Elsewhere, analysts were skeptical about the success of negotiations to end militias' control over oil export terminals in Libya, which has seen its oil output fall to around 160,000 barrels a day — enough to cover domestic demand but leaving little to export.

In other energy futures trading in New York:

— Wholesale gasoline fell 0.68 cent to $2.9111 a gallon

— Natural gas was down three cents at $4.341 per 1,000 cubic feet.

— Heating oil added 0.17 cent to $2.9315 a gallon.

___

Teresa Cerojano in Manila, Philippines, contributed to this report.

(TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, TSX:CVE)

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 



23901

FEATURED Property
1117975299 Clifton road N
4 bedrooms 4 baths
$2,480,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22707