Thursday, September 18th14.6°C
23474
22646

Crude oil falls to near US$100 after China's improving but weak trade data

The price of oil declined Thursday but stayed above US$100 a barrel after data showed subdued imports by China, the world's largest crude consumer.

China's customs data showed that imports rose 0.8 per cent in April. That's an improvement from the previous month's 11.3 per cent decline, but still weak.

Benchmark West Texas Intermediate crude for June delivery fell 51 cents to close at US$100.26 a barrel on the New York Mercantile Exchange. On Wednesday, U.S. crude jumped $1.27 after a surprise decline in the nation's stockpiles.

Brent crude, a benchmark for international varieties of oil used by many U.S. refineries, fell nine cents to close at US$108.04 in London.

The weak Chinese imports reflect slowing economic growth there, which means less demand for gasoline, diesel and other fuels made from crude oil.

The conflict in eastern Ukraine — where pro-Russian insurgents said they would go ahead with a Sunday referendum on autonomy — and another twist in Libya's efforts to increase oil exports kept prices from falling further.

Analysts at Commerzbank in Frankfurt noted rebels in Libya "have broken off talks on the opening of the country's two biggest oil terminals and have additionally threatened to reoccupy the two already opened oil terminals."

Libya's exports have dropped to less than 300,000 barrels a day compared with around 1.4 million barrels a year ago.

In other energy futures trading on the Nymex, — wholesale gasoline fell 1.3 cents to close at US$2.905 a U.S. gallon (3.79 litre), heating oil fell 0.7 cents to close at US$2.92 a gallon and natural gas fell 16.8 cents to close at US$4.572 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 TSX15444.23-14.649
S&P CDNX970.57-1.94
DJIA17245.1688.31
Nasdaq4586.914+24.725
S&P 5002010.42+8.85
CDN Dollar0.9135+0.0058
Gold1225.80-10.10
Oil93.97-0.45
Lumber349.00+1.00
Natural Gas3.986-0.091

 
Okanagan Companies
Pacific Safety0.195+0.03
Knighthawk0.01-0.005
QHR Technologies Inc1.29+0.04
Cantex0.060.00
Anavex Life Sciences0.231-0.0051
Metalex Ventures0.060.00
Russel Metals36.83+0.46
Copper Mountain Mining2.71-0.02
Colorado Resources0.16-0.01
ReliaBrand Inc0.027+0.003
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.285-0.005

 



22980

FEATURED Property
1879371281 Clear Pond
5 bedrooms 4 baths
$847,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...

_








Member of BC Press Council


22814