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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Dec 02, 2014
Page
13
Oil markets close with light sweet crude priced at 66.15 per barrel as traders weigh supply signals and demand outlook. Analysts note steady demand from refiners and mild inventory shifts signaling a cautious trading tone for the week ahead.
West Virginia lowers its variable motor fuel tax from 15.2 to 14.1 cents per gallon starting January 1, saving motorists over 15 million dollars annually. A 20,000 mile year with 25 mpg yields about nine dollars saved per driver, while the road fund will receive an estimated 431 million this fiscal year.
NEW YORK AP reports retailers rolled out discounts and free shipping as Cyber Monday attracts millions online. IBM data show 9.2 percent early noon growth while comScore cites 22.7 billion spent in the holiday period. Analysts note Cyber Week stretch and modest deal pull.
Weak U S holiday shopping, online shift, and stagnant wages cut four day spending to 50.9 billion, down 11 percent from last year. Major retailers Macy's Target Best Buy fell, S&P 500 slid 0.7 percent to 2053.44, Dow down 0.3 percent to 17776.80, Nasdaq off 1.3 percent. Global gauges showed China and Europe slowdown with HSBC PMI at 50 and China growth at 7.3 percent.
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