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

The Canadian Press - ONLINE EDITION

Oil steady after U.S. report shows consumer spending weak

A worker hangs from an oil derrick outside of Willisburg, N.D. on July 26, 2011. THE CANADIAN PRESS/AP, Gregory Bull

Enlarge Image

A worker hangs from an oil derrick outside of Willisburg, N.D. on July 26, 2011. THE CANADIAN PRESS/AP, Gregory Bull

The price of oil held steady Friday as poor U.S. economic data raised the prospect of weak growth in energy demand while fears eased that fighting in Iraq would disrupt exports.

Benchmark U.S. crude for August delivery edged 4 cents lower to $105.80 on the New York Mercantile Exchange. The contract slipped 66 cents per barrel to settle at $105.84 on Thursday.

Brent crude, used to price international oils, dipped 1 cent to $113.20 a barrel in London.

U.S. consumer spending in May grew at half the rate that economists expected, in a sign that the rebound in the world's biggest economy — and resulting growth in energy demand — may not be as big as hoped for.

Oil prices were hovering after a sharp drop the day before that analysts said may be a sign investors are starting to expect that the violence in Iraq won't spread to the oil-producing south.

"Although the situation in Iraq remains volatile, last night's decline in oil prices may be an early sign that markets are beginning to position for the likelihood that insurgents will be contained from any further incursions to the south, allowing oil exports to be maintained," said CMC Markets chief analyst Ric Spooner in Sydney.

In other energy futures trading on the Nymex:

— Wholesale gasoline barely budged $3.06 a gallon.

— Natural gas rose 0.9 cent to $4.45 per 1,000 cubic feet.

— Heating oil was little changed at $3.02 a gallon.

(TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, 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
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates