Crude oil falls below $103 a barrel on expectation of increase in US supply
The price of oil fell below US$103 barrel Wednesday as traders expected the Energy Department to report an increase in U.S. supplies.
Benchmark West Texas Intermediate crude for July delivery dropped $1.39 to close at US$102.72 a barrel on the New York Mercantile Exchange.
Brent crude, a benchmark for international oils, fell 21 cents to US$109.81 on the ICE exchange in London.
Traders were waiting for the latest information on U.S. supplies of crude and refined products.
Data for the week ended May 23 is expected to show an increase of one million barrels in crude oil stocks and a decline of 200,000 barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
In other energy futures trading on the Nymex, wholesale gasoline rose one cent to US$3.01 a U.S. gallon (3.79 litres), heating oil fell one cent to US$2.93 a gallon and natural gas added 11 cents to US$4.62 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)
Read more Business News
- Pedestrian hit crossing roadWest Kelowna
- Legebokoff gets life sentenceBC
- Schools ready to welcome kidsCentral Okanagan
- Power restored downtownKelowna
|QHR Technologies Inc||1.30||+0.01|
|Anavex Life Sciences||0.25||0.00|
|Copper Mountain Mining||2.69||-0.01|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.30||+0.035|
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...
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...
This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...