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

The Canadian Press - ONLINE EDITION

Oil prices retreat following surge to near $97 after release of lacklustre China data

A row of oil pumps work at sunset Sept. 11, 2013, in the desert oil fields of Sakhir, Bahrain. THE CANADIAN PRESS/AP, Hasan Jamali

Enlarge Image

A row of oil pumps work at sunset Sept. 11, 2013, in the desert oil fields of Sakhir, Bahrain. THE CANADIAN PRESS/AP, Hasan Jamali

Oil prices fell Thursday as lacklustre data from China overshadowed news that oil started flowing through a new pipeline to the U.S. Gulf Coast.

Benchmark U.S. crude for March delivery was down 24 cents to $96.49 a barrel at 0535 GMT in electronic trading on the U.S. Mercantile Exchange.

A preliminary manufacturing index for China fell to 49.6 in January, below the 50 level that signifies expansion and a six-month low, according to HSBC Holdings Plc and Markit Economics. In December the index was at 50.5.

Oil rose nearly 2 per cent, or $1.76, to $96.73 on Wednesday following the opening of the southern leg of the Keystone pipeline, which is expected to eventually bring 500,000 barrels of crude oil a day to the Gulf Coast. With demand expected to rise, the price of the U.S. oil rose closer to that of more-expensive imports.

Oil last closed above $96 a barrel on Dec. 31.

Brent crude, a benchmark for international oils, was down 22 cents to $108.05 a barrel on the ICE exchange in London.

Natural gas futures remained firm, up 4.8 cents at $4.737 per 1,000 cubic feet, as temperatures in many parts of the U.S. Northeast remained in the single digits, boosting demand.

The deep chill blanketing much of the central and eastern U.S. is expected to keep demand high following a big snowstorm on Tuesday.

In other energy futures trading on Nymex:

— Wholesale gasoline edged 1 cent lower to $2.678 per gallon.

— Heating oil was almost unchanged at $2.978 a gallon.

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
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates