Saturday, July 4th23.3°C
26932
26015

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)

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14682.39+44.40
S&P CDNX670.58-1.00
DJIA17730.11-27.80
Nasdaq5009.21-3.91
S&P 5002076.78-0.64
CDN Dollar0.7955-0.0018
Gold1167.10+4.10
Oil56.20-1.41
Lumber288.50+0.40
Natural Gas2.77-0.05

 
Okanagan Companies
Pacific Safety0.17+0.00
Knighthawk0.010.00
QHR Technologies Inc1.52-0.03
Cantex0.035-0.015
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.78-0.09
Copper Mountain Mining1.17+0.03
Colorado Resources0.09+0.03
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.50

 





FEATURED Property
2106948260 Grandview Bench Road
10085866 bedrooms
$539,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_








Member of BC Press Council


26906