Oil dips below $90 US on inventory build
Last Updated: Wednesday, January 16, 2008 | 4:22 PM ET
CBC News
Oil prices slipped below $90 US a barrel Wednesday after U.S. storage figures showed a big increase in crude oil inventories over the past week.
Crude oil futures for February delivery dropped as low as $89.26 US a barrel in the minutes following the mid-morning release of the inventory report — down $2.64 from Tuesday's close.
Prices later recovered some of that loss and closed at $90.84 US, down $1.06 on the day.
The Canadian dollar, which tends to follow oil prices higher or lower, closed at 97.60 cents US, down more than three-quarters of a cent from Tuesday. That's the lowest close for the loonie in four months.
The U.S. Energy Information Administration's closely-watched oil inventory report showed U.S. crude supplies rose by a greater-than-expected 4.26 million barrels.
The data helped to spark a further drop in energy stocks. The TSX energy sub-index ended the day down three per cent.
Petro-Canada was down $2.19 to $50.40; Suncor fell $4.60 to $96.01; Talisman Energy dropped 51 cents to $17.81.
Oil prices have dropped almost $10 US since Jan. 3 amid heightened recession fears.
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