Friday April 18, 2014

subscription options


Print Edition»

  • Includes free
    digital edition
  • Digital Edition»

  • Print format with
    enhanced features!
  • QUESTION OF THE WEEK

    • What do you consider to be the 2013 Story of the Year?
    • B.C. election
    • 36%
    • TRU law school
    • 4%
    • Proposed Ajax mine
    • 43%
    • Jack Shippobotham death
    • 3%
    • Starving horses seized
    • 11%
    • Red Lake cold case
    • 3%
    • Total Votes: 1070





    Home »  News »  Business

    Oil falls below $93 a barrel on economic jitters, prospect Italy will reignite Europe crisis


    An oil pump works at sunset in the Bahrain desert, Nov. 27, 2012. THE CANADIAN PRESS/AP, Hasan Jamali

    The price of oil fell below $93 a barrel on Tuesday, dragged down by the prospect that political uncertainty in Italy could rekindle Europe's debt crisis, weighing on the global economy.

    By early afternoon in Europe, benchmark crude for April delivery was down 65 cents at $92.46 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 2 cents to settle at $93.11 on Monday.

    Markets were rattled by the possibility of political paralysis in Italy after near-complete results in crucial national elections showed no clear front-runner. The uncertainty bodes ill for the nation's efforts to pass the tough reforms it needs to overhaul its debt-laden economy. That could fire up Europe's long-simmering crisis of confidence in the euro common currency.

    "It seems that Italy is repeating the same story as Greece, bringing renewed uncertainty about European political and economic conditions and further volatility and nervous trading across the markets," said a report from Sucden Financial Research in London.

    Adding to the downbeat mood were weak manufacturing figures from China on Monday and looming spending cuts in the U.S. as political leaders in Washington remain at odds over how quickly to trim the budget deficit.

    Investors will also be monitoring fresh information on U.S. stockpiles of crude and refined products.

    Data for the week ending Feb. 22 are expected to show a build of 2.6 million barrels in crude oil stocks and a draw of 1.5 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

    The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration the market benchmark will be out on Wednesday.

    In London, Brent crude was down $1.03 at $113.41 on the ICE futures exchange.

    In other energy futures trading on Nymex:

    Wholesale gasoline was down 4.71 cents at $3.2165 a gallon.

    Heating oil dropped 4.03 cents to $3.0578 a gallon.

    Natural gas rose 1.3 cents to $3.427 per 1,000 cubic feet.


    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 Kamloops Daily 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



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

    LOG IN



    Lost your password?