Wednesday July 23, 2014


QUESTION OF THE WEEK

Survey results are meant for general information only, and are not based on recognised statistical methods.



Home »  News »  Business

Oil near $96 as Wall Street, Asian stock markets decline

BANGKOK - Oil prices fell to nearly US$96 a barrel Monday as energy prices took their cues from sinking stock markets in Europe, Asia and Wall Street.

Benchmark oil for March delivery fell 9 cents at midday Bangkok time to $96.08 per barrel in electronic trading on the New York Mercantile Exchange. The contract dropped by $1.60 to finish at $96.17 a barrel on the Nymex on Monday.

Oil prices had risen steadily since they traded near $86 a barrel in mid-December on hopes for an improving global economy. But U.S. stock indexes had big declines Monday amid concerns about political stability in Italy and Spain.

"The feel-good factor from last week's U.S. data has given way to some profit-taking," said Michael Hewson of CMC Markets.

An Italian general election at the end of this month looks like it may not be as clear-cut as many people thought. Meanwhile, Spanish Prime Minister Mariano Rajoy denied allegations over the weekend that he and his party received secret cash payments from businesses. Opposition parties are calling for Rajoy to resign. Benchmark stock indexes in both countries endured their steepest drops in months on Monday.

Brent crude, the benchmark used to set prices for oil used by many U.S. refineries, fell 46 cents to $115.14 in London. In other energy futures trading on the Nymex:

Wholesale gasoline fell 0.2 cents to finish at $3.0093 per gallon.

Natural gas rose 1.6 cents to end at $3.331 per 1,000 cubic feet.

Heating oil lost less than 0.2 cents to finish at $3.1521 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)


Comments


NOTE: To post a comment in the new commenting system you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Yahoo, OpenID. You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Alaska Highway News welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

blog comments powered by Disqus


About Us | Advertise | Contact Us | Sitemap / RSS   Glacier Community Media: www.glaciermedia.ca    © Copyright 2014 Glacier Community Media | User Agreement & Privacy Policy

LOG IN



Lost your password?