Saturday, August 23rd20.6°C
22568
21739

Oil falls below US$100 a barrel on slow US economic growth, rising supplies

NEW YORK, N.Y. - The price of oil fell below US$100 a barrel for the first time in three weeks Wednesday as reports showed U.S. economic growth stalled in the first quarter and American oil supplies rose to record levels last week.

Benchmark West Texas Intermediate crude for June delivery dropped $1.54 or 1.5 per cent to close at US$99.74 a barrel on the New York Mercantile Exchange. Brent crude, an international oil benchmark, fell 91 cents to US$108.07 on the ICE Futures exchange in London.

The U.S. Commerce Department said economic growth slowed to 0.1 per cent in the first three months of the year as winter storms chilled business activity. The sharp slowdown, while worse than expected, is likely to be temporary as growth rebounds with warmer temperatures.

The U.S. Energy Department said oil supplies rose by 1.7 million barrels last week. While the increase was less than expected by analysts, it still pushed the U.S. supply to a record 399.4 million barrels. In addition, gasoline supplies rose by 1.6 million barrels, whereas analysts had expected a decline.

Rising oil exports by Libya, though still far from earlier levels near 1.4 million barrels a day, also contributed to the drop in prices. Analysts cited information from Libya's National Oil Corp. showing current exports at 285,000 barrels a day, up from 230,000 barrels a day in the first half of April.

In other energy futures trading on Nymex, wholesale gasoline lost four cents to US$2.96 a U.S. gallon (3.79 litres), heating oil shed four cents to US$2.93 a gallon and natural gas retreated two cents to US$4.82 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

22965


Recent Trending




Today's Market
S&P TSX15535.55-19.71
S&P CDNX1005.583.38
DJIA17001.22-38.27
Nasdaq4538.551+6.446
S&P 5001988.40-3.97
CDN Dollar0.9137-0.0003
Gold1279.90+6.2001
Oil96.30+1.82
Lumber352.80-2.80
Natural Gas3.88-0.009

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.20-0.01
Cantex0.065-0.005
Anavex Life Sciences0.265+0.005
Metalex Ventures0.08+0.005
Russel Metals36.78-0.81
Copper Mountain Mining2.99+0.11
Colorado Resources0.17-0.015
ReliaBrand Inc0.115+0.02
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.26+0.045

 



22895

FEATURED Property
1892909#302 1353 Ellis st.
$899,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...

_



22885

23002


Member of BC Press Council


22707