Crude oil slips below US$99 a barrel after rising almost 3% last week - InfoNews

Current Conditions

Clear
-3.7°C

Crude oil slips below US$99 a barrel after rising almost 3% last week

An oil pump works at sunset in the desert oil fields of Sakhir, Bahrain, Jan. 22, 2013. THE CANADIAN PRESS/AP, Hasan Jamali
December 23, 2013 - 12:53 PM

NEW YORK, N.Y. - The price of oil slipped a bit Monday after gaining more than $2 last week.

Benchmark West Texas Intermediate crude for February delivery dropped 41 cents to close at US$98.91 a barrel on the New York Mercantile Exchange. Trading was thinner than usual because of the approaching holidays.

Last week, oil rose nearly three per cent, largely because of signs of improvement in the U.S. economy.

Positive economic news and a corresponding increase in demand have some analysts predicting that oil will soon top $100 a barrel for the first time since Mid-October.

Brent crude, a benchmark used to price international crudes used by many U.S. refiners, fell 21 cents to US$111.56.

In other energy futures trading, wholesale gasoline was flat at US$2.78 a U.S. gallon (3.79) litres, heating oil lost two cents to US$3.06 a gallon and natural gas added five cents to US$4.46 per thousand 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)

News from © The Associated Press, 2013
The Associated Press

  • Popular kamloops News
  • Comments
  • Pier 1 closing all of its stores in Canada
    Pier 1 Imports, Inc. announced today that it has entered into bankruptcy protection and is pursuing a sale. The retailer  commenced voluntary Chapter 11 proceedings in the U.S. Bankrupt
  • Vernon's Atlantis waterpark gets a new name
    A popular Vernon waterpark is starting its transformation with a new name. Formerly known as Atlantis Waterslides, the waterpark, located north of the city along Highway 97, has been renamed
  • Killing of 7-year-old girl stokes anger in Mexico
    MEXICO CITY - The killing of a 7-year-old girl on the southern outskirts of Mexico City has stoked rising anger over brutal slayings of women, including one found stabbed to death and skinned earl
  • Mammoth's tooth found in Williams Lake and preserved for decades by B.C. family
    What was once part of a mammoth-sized smile now is a very old conversation starter in Bryan Johnson's Vancouver home. Johnson's stepfather found a mammoth tooth in a creek at the sou
  • Vernon family captures mesmerizing melting ice
    A Vernon family was on their way home from Kelowna when they made a pit stop after noticing a beautiful scene along Wood Lake. Matthew Royal and his daughters noticed how “cool”
View Site in: Desktop | Mobile