Sunday, February 1st-0.8°C
24624
24977

Oil down a second day on weaker U.S, China growth and U.S. supply worries

The price of oil fell Thursday as the impact of slower economic growth and higher oil supplies carried over to a second day.

Benchmark West Texas Intermediate crude for June delivery dropped 32 cents to US$99.42 on the New York Mercantile Exchange. Brent crude, an international oil benchmark, slipped 31 cents to US$107.76 on the ICE Futures exchange in London.

On Wednesday, U.S. crude oil plunged $1.54 and Brent fell 91 cents after U.S. first-quarter economic growth of just 0.1 per cent disappointed forecasters who expected an expansion of about one per cent.

China, the world's second-largest economy, was also a source of concern after a manufacturing survey issued Thursday suggested growth in the world's second-larges economy was also weak.

Meanwhile, 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 nation'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.

In other energy futures trading on Nymex, wholesale gasoline fell three cents to US$2.94 a U.S. gallon (3.79 litres), heating oil retreated one cent to US$2.91 a gallon and natural gas lost 10 cents to US$4.72 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

24500


Recent Trending




Today's Market
S&P TSX14673.48+37.521
S&P CDNX676.81+9.70
DJIA17164.95-251.90
Nasdaq4635.24-48.167
S&P 5001994.99-26.26
CDN Dollar0.7872+0.0016
Gold1286.60-5.10
Oil50.07+3.16
Lumber321.80+0.70
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.400.00
Cantex0.035-0.005
Anavex Life Sciences0.174-0.006
Metalex Ventures0.040.00
Russel Metals23.42-0.16
Copper Mountain Mining0.99+0.01
Colorado Resources0.150.00
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.050.00
Mission Ready Services0.2350.00

 



24356

FEATURED Property
218774412950 Lake Hill Drive
4 bedrooms 3 baths
$515,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Leaving a job: changing careers

Many people, who find themselves out of work and with time on their hands, and money in their pockets due to lay-off, start thinking about a career change. If you weren’t happy with the directio...


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...

_








Member of BC Press Council


24681