Thursday, December 18th2.4°C
24563

Crude oil falls below US$102 a barrel after U.S. factory output slips

The price of oil fell below US$102 a barrel Thursday as weak economic data in the U.S. suggested demand for crude could fall.

Benchmark West Texas Intermediate crude for June delivery fell 87 cents to close at US$101.50 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oil used by many U.S. refineries, rose 25 cents to close at US$110.44 a barrel in London.

Oil slipped after the Federal Reserve said Thursday that U.S. industrial production dropped in April. The decline in activity, along with weak retail sales data released earlier in the week, suggested demand for U.S. crude may not be as strong as expected.

Also, stockpiles of oil rose by 900,000 barrels last week, while analysts had been expecting a drop.

A stronger dollar also weighed on prices, making crude priced in dollars more expensive — and a less attractive investment — for traders using other currencies.

Brent crude was lifted by the continued absence of Libyan crude from the market as a result of disputes at export terminals and a forecast for higher global demand by the International Energy Agency. The Paris-based IEA raised its forecast for 2014 global crude demand to 92.8 million barrels a day, 65,000 barrels a day more than its forecast a month ago.

"While OPEC has more than enough capacity to deliver, it remains to be seen whether it will manage to overcome the above-ground hurdles that have plagued some of its member countries lately," the IEA said in its monthly Oil Market Report.

In other energy futures trading on the Nymex, wholesale gasoline fell 0.5 cent to close at US$2.964 a U.S. gallon (3.79 litres), heating oil fell 1.2 cents to close at US$2.951 a gallon and natural gas rose 10.2 cents to close at US$4.469 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

23405


Recent Trending




Today's Market
S&P TSX14346.75+133.36
S&P CDNX665.50+6.47
DJIA17778.15421.28
Nasdaq4748.396+104.085
S&P 5002061.23+48.34
CDN Dollar0.8629+0.0041
Gold1198.00+3.70
Oil54.66-1.81
Lumber336.30+2.10
Natural Gas3.669-0.033

 
Okanagan Companies
Pacific Safety0.13+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.28+0.01
Cantex0.03-0.005
Anavex Life Sciences0.17+0.0041
Metalex Ventures0.055+0.005
Russel Metals26.00-1.18
Copper Mountain Mining1.57+0.03
Colorado Resources0.12+0.015
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.055+0.005
Mission Ready Services0.225+0.005

 
23744


24380

FEATURED Property
1880751979 Metcalfe Avenue
5 bedrooms 5 baths
$979,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...


Managing your sales team

Managing a sales team can be quite a challenge. Harnessing individual personality preferences and getting everyone focused on the same goals, moving at the same pace, and working in collaboration to d...


Working under the table

They say there are only two things that are certain in life: death and taxes. Not exactly an uplifting thought, but true nonetheless. Some people try to avoid paying tax by “working under the ta...

_





24386


Member of BC Press Council


23871