Breaking News, World News and Taiwan News.

The price of oil falls from high, but still hovers near US$104 per barrel

The price of oil drifted lower from a one-month high Thursday but held near US$104 a barrel.

Benchmark U.S. crude for July delivery was down 22 cents to US$103.85 a barrel at 0925 GMT in electronic trading on the New York Mercantile Exchange. The contract gained US$1.74 to close at US$104.07 on Wednesday.

Brent crude, a benchmark for international oils, was down 15 cents to US$110.40 on the ICE exchange in London.

The U.S. oil price hit a one-month high Wednesday after a weekly report from the Energy Information Administration showed that U.S. crude oil supplies dropped 7.2 million barrels for the week ended May 16. The drop was bigger than analysts expected.

Preliminary results of a monthly HSBC survey showed that the contraction in China's manufacturing eased in May, but the improvement was not sufficient to boost energy prices.

In other energy future trading in New York.

— Wholesale gasoline fell 0.4 cent to US$2.976 a gallon.

— Natural gas added 2.9 cents to US$4.502 per 1,000 cubic feet.

— Heating oil dropped 0.4 cent to US$2.948 a gallon.

Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive China Post promos
 Respond to this email
WSJA
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   Terms of Use  |   Sitemap
  chinapost search