Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Crude oil slips for seventh straight session as supplies set to increase

The price of crude oil slipped below $104 a barrel Friday, extending its drop to seven straight days, as expectations of increased supply offset strong U.S. employment growth.

Benchmark West Texas Intermediate crude moved 29 cents lower to US$103.77 a barrel in electronic trading on the New York Mercantile Exchange.

U.S. markets were closed Friday for the Independence Day holiday and trading volumes in other markets were thinner than usual.

Crude fell despite signs the U.S. economy is steadily improving, which typically would increase demand for oil. The U.S. government reported that employers added a strong 288,000 workers to their payrolls in June and the unemployment rate fell to 6.1 per cent.

The positive economic news, however, also strengthened the U.S. dollar, a factor that weighed on oil prices by making crude more expensive — and a less attractive investment — for traders using other currencies.

Oil has been sliding since it reached a 10-month closing high of $107.26 on June 20, when concerns had grown over the stunning advance by Islamic militants in Iraq. Since then, it has become clear that there are no imminent disruptions to supplies from Iraq, OPEC's second-biggest producer.

On top of that, an agreement in Libya between the central government and a regional militia was expected to lead to the reopening of two eastern oil terminals that would boost the country's crude exports by about 500,000 barrels a day. Libya currently produces around 350,000 barrels of oil a day.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
The First World War at 100
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates