Tuesday, April 21st6.1°C
24963
24949

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




Recent Trending




Today's Market
S&P TSX15412.60+52.05
S&P CDNX703.65+0.80
DJIA18034.93+208.63
Nasdaq4994.60+62.79
S&P 5002100.40+19.22
CDN Dollar0.8155-0.0021
Gold1193.40-0.10
Oil55.96-0.42
Lumber247.70-0.70
Natural Gas2.561+0.025

 
Okanagan Companies
Pacific Safety0.115-0.005
Knighthawk0.010.00
QHR Technologies Inc1.42+0.02
Cantex0.035+0.005
Anavex Life Sciences0.385+0.055
Metalex Ventures0.085+0.010
Russel Metals27.42-0.06
Copper Mountain Mining1.10-0.03
Colorado Resources0.11+0.01
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04+0.00
Mission Ready Services0.185+0.010
Decisive Dividend Corporation1.80+0.15

 





FEATURED Property
1761161959 Regal Road
5 bedrooms 6 baths
$1,495,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25979

26091


Member of BC Press Council


24875