Tuesday, September 30th13.7°C
22738

Crude oil falls below US$103 barrel; down 1.6% for the week on amble supplies

The price of oil fell below US$103 per barrel Friday on ample supplies of crude and fuels.

Benchmark West Texas Intermediate crude for July delivery fell 87 cents to close at US$102.71 a barrel on the New York Mercantile Exchange. The contract closed down 1.6 per cent for the week, though it finished the month up nearly three per cent.

Brent crude, a benchmark for international oil used by many U.S. refineries, fell 56 cents to close at US$109.41 a barrel in London.

The price of crude was pulled down in part by the falling prices of wholesale gasoline and heating oil, suggesting that the U.S. has ample supplies of refined fuels. That could crimp demand for crude oil in coming weeks.

Crude supplies in the U.S. are also plentiful, but crude prices were pushed higher during the month because inventories at the U.S. trading hub where benchmark crude is priced had fallen sharply.

Next week traders are expected to focus on a string of macroeconomic reports, including a manufacturing report and employment data that could change expectations for gasoline, diesel and crude demand.

In other energy futures trading on Nymex: wholesale gasoline fell 2.4 cents to close at US$2.972 a U.S. gallon (3.79 litres), heating oil fell 3.2 cents to US$2.888 a gallon and natural gas fell 1.7 cents to close at US$4.542 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

23481


Recent Trending




Today's Market
S&P TSX14976.92-49.85
S&P CDNX912.76-6.66
DJIA17071.22-41.93
Nasdaq4505.853-6.341
S&P 5001977.80-5.05
CDN Dollar0.8946-0.0013
Gold1206.60-12.2001
Oil92.73-0.05
Lumber334.30+5.40
Natural Gas4.123-0.031

 
Okanagan Companies
Pacific Safety0.135-0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.23+0.01
Cantex0.09+0.03
Anavex Life Sciences0.185-0.01
Metalex Ventures0.0550.00
Russel Metals34.49-0.54
Copper Mountain Mining2.52+0.11
Colorado Resources0.150.00
ReliaBrand Inc0.020.00
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.34-0.02

 



23437

FEATURED Property
2000282#76-2005 boucherie road
3 bedrooms 2 baths
$99,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_








Member of BC Press Council


22771