Friday, July 25th16.7°C
22716
21755

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

22563


Recent Trending




Today's Market
S&P TSX15455.04+60.59
S&P CDNX1017.445.79
DJIA16960.57-123.23
Nasdaq4449.564-22.543
S&P 5001978.34-9.64
CDN Dollar0.9247+0.0002
Gold1294.80+4.2001
Oil104.30-0.29
Lumber326.00+0.20
Natural Gas3.783-0.064

 
Okanagan Companies
Pacific Safety0.185-0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07-0.01
Anavex Life Sciences0.275-0.005
Metalex Ventures0.08+0.01
Russel Metals35.36-0.21
Copper Mountain Mining2.820.00
Colorado Resources0.21+0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.19+0.01

 



21623

FEATURED Property
1854878#247 213 White Pine Crescent
3 bedrooms 2 baths
$349,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22685