CBCnews
Story Tools: EMAIL | PRINT | Text Size: S M L XL | REPORT TYPO | SEND YOUR FEEDBACK | Bookmark and Share

Oil prices slip as storm not expected to affect Gulf output

Last Updated: Tuesday, July 22, 2008 | 3:24 PM ET

CBC News

Oil prices tumbled on Tuesday as companies said they don't expect crude production to be disrupted by tropical storm Dolly in the western Gulf of Mexico.

Dolly is expected to make landfall near the U.S.-Mexico border late Tuesday or early Wednesday as a Category 1 hurricane.

On the New York Mercantile Exchange, light, sweet crude for August delivery fell $3.09 US a barrel to close at $127.95. Earlier in the trading session, oil got as low as $125.63 and as high as $132.07.

"The market doesn't see Dolly as a real threat at this point," said Victor Shum, an energy analyst with consulting firm Purvin & Gertz Inc. in Singapore. "It doesn't look like it will have much of an impact."

On Monday, Shell said it was pulling employees off rigs in part of the western Gulf as a precautionary move. Oil fell more than $16 US a barrel last week after hitting a record high of $147.27 on July 11.

"This is more of the long exit from the market by the hedge funds," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, speaking on Tuesday's decline. "A lot of these investors who have been supporting prices are hitting the road."

Tuesday is the last day of trading for the August futures contract, which expires with the end of NYMEX floor trading. The September contract will then become the front-month contract.

  •  
Story Tools: EMAIL | PRINT | Text Size: S M L XL | REPORT TYPO | SEND YOUR FEEDBACK | Bookmark and Share
 

Find the best interest rates

Sponsored Feature

Select a product  

Close Close this window

Sponsored Feature

Rate Comparison

Banks & Trusts Interest Rate Minimum Deposit Features
Home Trust Company 0.85% $2,500  
Equitable Trust 0.80% $5,000  
Ally 0.75% $1 Guaranteed earnings. No minimums, fees or service charges.
SunLife Financial Trust 0.70% $1,000  
ResMor Trust 0.65% $5,000  
ICICI Bank Canada 0.50% $1,000  
ING Direct 0.50% $1  
Peoples Trust 0.50% $5,000  
Pacific & Western Bank 0.45% $5,000  
Bank West 0.35% $5,000  
Banks & Trusts Interest Rate Minimum Deposit Features
Home Trust Company 1.25% $2,500  
ResMor Trust 1.10% $5,000  
Ally 1.00% $1 Guaranteed earnings. No minimums, fees or service charges.
Equitable Trust 0.85% $5,000  
SunLife Financial Trust 0.80% $1,000  
Pacific & Western Bank 0.70% $5,000  
ING Direct 0.50% $1  
Manulife Bank 0.50% $25,000  
Peoples Trust 0.50% $5,000  
General Bank of Canada 0.50% $25,000  
Banks & Trusts Interest Rate Minimum Deposit Features
Home Trust Company 1.25% $2,500  
ResMor Trust 1.10% $5,000  
Ally 1.10% $1 Guaranteed earnings. No minimums, fees or service charges.
Equitable Trust 0.85% $5,000  
SunLife Financial Trust 0.80% $1,000  
Pacific & Western Bank 0.75% $5,000  
Manulife Bank 0.50% $25,000  
Peoples Trust 0.50% $5,000  
General Bank of Canada 0.50% $25,000  
ING Direct 0.50% $1  
Banks & Trusts Interest Rate Minimum Deposit Features
Ally 1.75% $1 No-Penalty option, no fees, daily compounded interest.
Home Trust Company 1.55% $1,000  
Pacific & Western Bank 1.55% $1,000  
ResMor Trust 1.46% $1,000  
SunLife Financial Trust 1.45% $1,000  
Community Trust 1.35% $1,000  
Korea Exchange Bank 1.30% $3,500  
State Bank of India (C) 1.30% $2,000  
ING Direct 1.25% $1  
Alterna Bank 1.20% $500  
Banks & Trusts Interest Rate Minimum Deposit Features
Ally 2.30% $1 Guaranteed earnings. No minimums, fees or service charges.
ING Direct 2.25% $1  
Pacific & Western Bank 2.15% $1,000  
Home Trust Company 2.15% $1,000  
ResMor Trust 2.11% $1,000  
SunLife Financial Trust 2.05% $1,000  
State Bank of India (C) 2.00% $2,000  
Korea Exchange Bank 2.00% $3,500  
Community Trust 1.95% $1,000  
HomEquity Bank 1.90% $5,000  
Banks & Trusts Interest Rate Minimum Deposit Features
Ally 2.75% $1 Guaranteed earnings. No minimums, fees or service charges.
Alterna Bank 2.75% $500  
Home Trust Company 2.65% $1,000  
SunLife Financial Trust 2.65% $1,000  
ResMor Trust 2.60% $1,000  
HomEquity Bank 2.55% $5,000  
Manulife Bank 2.50% $2,500  
ING Direct 2.50% $1  
President's Choice Fin'l 2.50% $500  
State Bank of India (C) 2.50% $2,000  
Banks & Trusts Interest Rate Minimum Deposit Features
Ally 3.60% $1 Guaranteed earnings. No minimums, fees or service charges.
SunLife Financial Trust 3.45% $1,000  
Home Trust Company 3.35% $1,000  
Pacific & Western Bank 3.30% $1,000  
B2B Trust 3.30% $500  
President's Choice Fin'l 3.25% $500  
ING Direct 3.25% $1  
HomEquity Bank 3.25% $5,000  
Manulife Bank 3.25% $2,500  
Canadian Western Bank 3.20% $500  
Banks & Trusts Interest Rate Minimum Deposit Features
Peoples Trust 2.10% $0  
Ally 2.00% $0 No minimums, no fees, daily compounded interest.
State Bank of India (C) 1.25% $1,000  
Canadian Tire Bank 1.20% $0  
ICICI Bank Canada 1.20% $0  
ING Direct 1.05% $0  
Amex Bank of Canada 1.00% $0  
Manulife Bank 1.00% $0  
Alterna Bank 0.85% $0  
Royal Bank of Canada 0.75% $0  
Banks & Trusts Interest Rate Minimum Deposit Features
Ally 2.00% $0 Invest up to $5000/year tax-free, withdraw at any time.
State Bank of India (C) 1.75% $0  
Bank of Nova Scotia 1.50% $0  
Canadian Tire Bank 1.50% $0  
ICICI Bank Canada 1.40% $0  
ING Direct 1.05% $0  
President's Choice Fin'l 1.00% $0  
Manulife Bank 1.00% $0  
BMO Bank of Montreal 1.00% $0  
HSBC Bank Canada 0.80% $0  

Money Headlines

Ottawa will stay course on stimulus: Flaherty Video
Rather than turning off the stimulus taps or pouring more fuel on the economic fire, Ottawa will stand pat with the $61 billion in stimulus spending announced in January, Finance Minister Jim Flaherty says.
Canada Post struggles to innovate
Canada's postal service is reinventing itself as it struggles to make up for dwindling demand in the face of a devastating global economic slowdown.
The 10-billion-barrel battle
Henry Lyatsky wants B.C.'s coast opened to oil drilling but environmentalists stand opposed.
CAW, Johnson Controls reach tentative deal Video
After a successful late-night bargaining session, the Canadian Auto Workers Union and management at Johnson Controls have reached a tentative agreement on a new three-year labour deal.
Agrium's bid for CF stumbles
Calgary-based Agrium has suffered a setback in its bid to take over rival CF Industries.

Money Features

SMALL BUSINESSFeatures & video
Issues, trends and tricks that entrepreneurs need to know about
ECONOMYWashington
Birthday for a bailout
BUSINESSTwitter
Follow Amanda Lang and Kevin O'Leary
ECONOMYStrategic thinking
Friedman's theory finds little traction in economic recovery
ECONOMYInflation
MONEY TALKSMichael Hlinka
Those longer mortgages are going to hit retirement plans hard
More Features

People who read this also read …

Top CBCNews.ca Headlines

Headlines

104 dead in China coal mine blast
The death toll from a Saturday mine explosion in China is now up to at least 104, and grieving family members on Monday demanded answers from officials.
Iranian-Canadian journalist talks of prison ordeal Video
Iranian-Canadian journalist Maziar Bahari says he was regularly beaten and threatened with execution while imprisoned in Iran for 118 days.
21 abducted, killed in Philippines
The Philippine army said 21 people who were taken hostage in the volatile southern part of the country have been found dead. The victims are reported to have been taken when they tried to file election nomination papers.
Separatists kill 5 soldiers in India
Separatist rebels ambushed a paramilitary vehicle Monday killing five soldiers in India's insurgency-wracked northeastern state of Manipur, an army official said.
Afghan prisoner transfers halted 'more than 1 time' Video
Canadian officials have halted the transfer of prisoners to Afghanistan's intelligence service "more than one time," because of the possibility of torture, Canada's chief of defence staff said Sunday.