Oil prices edge down, despite this week's bullish US oil inventory data
NEW YORK, N.Y. - The price of oil slipped Wednesday despite a report from the U.S. Department of Energy that showed American stockpiles of crude fell more than expected last week.
Benchmark West Texas Intermediate crude for August delivery fell 86 cents to US$104.48 a barrel on the New York Mercantile Exchange, its fifth day of decline. The contract closed at a 10-month high of US$107.26 on June 20.
Brent crude, a benchmark for international oils, fell $1.05 to US$111.24 a barrel in London.
The Energy Department said U.S. crude oil stockpiles fell by 3.2 million barrels last week to 384.9 million barrels. Analysts had expected a drop of 1.7 million barrels. Oil quickly rose on the news, but sold off as the afternoon progressed.
Oil prices have risen in recent weeks on concerns that violence in Iraq, OPEC's second-largest exporter, would disrupt supplies. They stabilized late last week as the stunning initial advance by insurgents lost momentum.
In other energy futures trading on the Nymex. wholesale gasoline fell a penny to US$3.02 a U.S. gallon (3.79 litres), heating oil fell three cents to US$2.95 a gallon and natural gas fell nine cents to US$4.36 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
- Talks collapse; no school TuesdayBC - 7:06 pm
- Bus crash: 'Blood everywhere'Kelowna - 7:23 am
- Girl abducted, sexually assaultedBC
- Store owner fed up with theftPenticton / S. Okanagan
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.25||+0.01|
|Copper Mountain Mining||2.93||+0.02|
|Sunrise Resources Ltd||0.025||0.00|
|Mission Ready Services||0.245||-0.005|
Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....
Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...
There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...