Skip to content
The Mindanao Examiner Regional Newspaper

The Mindanao Examiner Regional Newspaper

Title

Name

Primary Menu
  • Home
  • Mindanao
  • Visayas
  • National
  • Features
  • Opinion
  • Business
  • International
  • SciTech
  • Health & Wellness
  • Sports
  • About Us
    • Regional Advertising Rates
    • Contact Us
    • Profile
  • Home
  • International
  • Oil drops almost 5% as supplies unexpectedly grow – CBC News
  • Business
  • Featured
  • International

Oil drops almost 5% as supplies unexpectedly grow – CBC News

Editor December 17, 2015

Crude oil prices plunged anew on Wednesday, taking the loonie along for the ride, following the release of U.S. inventory figures that showed oil supplies building at a time when the market was expecting drawdowns.

Crude for January delivery closed down $1.83, or 4.9 per cent, to $35.52 US a barrel. The drop followed news from the U.S. Energy Administration that crude oil supplies in the U.S. rose by 4.8 million barrels last week. Analysts had been expecting supplies to drop by 1.5 million barrels.

Oil had already been trending lower after another supply report — this one from the American Petroleum Institute — showed a similar and unexpected rise in U.S. crude stockpiles.

Prices hit multi-year lows on Monday near $35 US a barrel as the supply of oil continued to outpace demand and the global economy showed new signs of weakness. Prices moved higher on Tuesday but reversed course Wednesday once the new supply figures were released.

Loonie at 11-year low

The beleaguered Canadian dollar took another hit from the new fall in oil prices. The loonie lost a quarter of a cent to close at 72.54 cents US. That’s its lowest level since May 2004.

At official exchange rates, that pushes the cost of a U.S. dollar to almost $1.38 Cdn. But the actual cost of buying U.S. currency at your neighbourhood bank will be more than $1.40 for each U.S. dollar.

Lower crude prices weren’t the only thing pressuring the loonie. The U.S. dollar gained against a broad basket of currencies as the Federal Reserve, as expected, raised its key overnight lending rate Wednesday afternoon by a quarter of a percentage point — the first increase in almost 10 years.

Other commodities also fell Wednesday. The price of natural gas hit a new 16-year low, dropping 3.2 cents to $1.79 US per million British thermal units. Mild weather in many parts of the U.S. is limiting gas consumption.

Canadians who heat their homes with gas stand to benefit from the recent price drop. Enbridge Gas in Ontario, for instance, has applied to lower gas rates in the new year. If approved, consumers will likely see their gas bills drop by about five per cent as of Jan. 1.(CBC News)

Link: http://www.cbc.ca/news/business/dollar-canada-low-oil-1.3367606

fb-share-icon
Tweet 20

Continue Reading

Previous: Migrant crisis dominates as EU holds final summit of 2015 – BBC News
Next: Wield your phone as a lightsaber with Google’s latest Chrome experiment – Fox News

Related News

Mango1
  • Business
  • National

PH mangoes land in Rome in bid to win over Italian market

Editor June 3, 2025
Hacker by Tima
  • International

South Korea’s largest telecom operator suffers mass exodus of customers over data leak

Editor June 2, 2025
ING-Hubs-Philippines
  • Business

ING Hubs Philippines’ Winning Formula for Talent Retention

Editor June 2, 2025

Trending News

PH mangoes land in Rome in bid to win over Italian market Mango1 1
  • Business
  • National

PH mangoes land in Rome in bid to win over Italian market

June 3, 2025
DOTr orders closure, raps vs. AirAsia Move over excessive air fares AirAsia-MOVE-app 2
  • National

DOTr orders closure, raps vs. AirAsia Move over excessive air fares

June 2, 2025
DOT assures Korean community of strengthened tourist safety measures Seo-In-Guk-&-Christina-Frasco 3
  • National
  • Tourism

DOT assures Korean community of strengthened tourist safety measures

June 2, 2025
South Korea’s largest telecom operator suffers mass exodus of customers over data leak Hacker by Tima 4
  • International

South Korea’s largest telecom operator suffers mass exodus of customers over data leak

June 2, 2025
Northern Mindanao’s basic literacy rate hits 90.8% in 2024, above national average NMin-Literacy 5
  • Mindanao Post

Northern Mindanao’s basic literacy rate hits 90.8% in 2024, above national average

June 2, 2025
  • Facebook
  • X
  • YouTube
  • Blog
Copyright © 2025. The Mindanao Examiner Regional Newspaper. All Rights Reserved. | MoreNews by AF themes.