Monday, May 25th12.5°C
26402

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

24947


Recent Trending




Today's Market
S&P TSX15195.43-5.33
S&P CDNX701.95-1.53
DJIA18232.02-53.72
Nasdaq5089.36-1.43
S&P 5002126.06-4.76
CDN Dollar0.8127-0.0006
Gold1204.30+1.30
Oil57.45-1.98
Lumber273.80+3.70
Natural Gas2.887-0.064

 
Okanagan Companies
Pacific Safety0.14+0.01
Knighthawk0.010.00
QHR Technologies Inc1.49+0.01
Cantex0.03-0.01
Anavex Life Sciences0.425+0.053
Metalex Ventures0.09+0.01
Russel Metals25.86+0.07
Copper Mountain Mining1.33-0.05
Colorado Resources0.105+0.005
ReliaBrand Inc0.0048-0.0049
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation2.20+0.60

 



25608

FEATURED Property
2306041#10 170 Davie Road
2% Realty - Okanagan Ltd. baths
$239,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_





25482


Member of BC Press Council


25895