Related News
Oil falls after Exxon shuts pipeline
Source: Agencies |
April 2, 2013, Tuesday
|
Online Edition
Online Edition
THE price of oil fell yesterday as Exxon shut a pipeline that carries oil out of the Midwest and a report showed a cooling of US manufacturing activity.
Benchmark oil for May delivery fell 16 cents to close at US$97.07 per barrel on the New York Mercantile Exchange. It was the first decline since March 21, but the price was up from a low of US$95.92 in the morning.
Exxon Mobil Corp. shut its Pegasus pipeline in Arkansas after a leak. The pipeline, with a capacity of 96,000 barrels a day, carries Canadian crude oil from the Midwest to refineries in the Gulf of Mexico. The closure raised the prospect that refiners would resort to buying more imported crude.
Oil stayed lower after an industry group said growth in US manufacturing activity slowed in March. The Institute for Supply Management's manufacturing index dropped to 51.3 from 54.2 in February.
Oil rose US$3.52 a barrel, or 3.8 percent last week, driven by signs of strength in the US economy. The gain for the month of March was 5.6 percent.
In other energy futures trading on the New York Mercantile Exchange:
- Wholesale gasoline fell 1 cent to end at US$3.10 a gallon.
- Heating oil rose 2 cents to finish at US$3.07 a gallon.
- Natural gas fell 1 cent to end at US$4.02 per 1,000 cubic feet.
Benchmark oil for May delivery fell 16 cents to close at US$97.07 per barrel on the New York Mercantile Exchange. It was the first decline since March 21, but the price was up from a low of US$95.92 in the morning.
Exxon Mobil Corp. shut its Pegasus pipeline in Arkansas after a leak. The pipeline, with a capacity of 96,000 barrels a day, carries Canadian crude oil from the Midwest to refineries in the Gulf of Mexico. The closure raised the prospect that refiners would resort to buying more imported crude.
Oil stayed lower after an industry group said growth in US manufacturing activity slowed in March. The Institute for Supply Management's manufacturing index dropped to 51.3 from 54.2 in February.
Oil rose US$3.52 a barrel, or 3.8 percent last week, driven by signs of strength in the US economy. The gain for the month of March was 5.6 percent.
In other energy futures trading on the New York Mercantile Exchange:
- Wholesale gasoline fell 1 cent to end at US$3.10 a gallon.
- Heating oil rose 2 cents to finish at US$3.07 a gallon.
- Natural gas fell 1 cent to end at US$4.02 per 1,000 cubic feet.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
