Saturday, March 28th12.1°C
25657
25173

Oil slips closer to $83

Oil fell Wednesday amid speculation that OPEC will leave its production quotas unchanged at this week's meeting to avoid hurting an already fragile global economy.

By early afternoon in Europe, benchmark West Texas Intermediate crude for July delivery was down 20 cents to US$83.12 a barrel in electronic trading on the New York Mercantile Exchange. The contract had risen 62 cents to settle at $83.32 in New York on Tuesday.

In London, Brent crude for July delivery was up 42 cents at US$97.56 a barrel on the ICE Futures exchange.

The Organization of Petroleum Exporting Countries is scheduled to hold its quarterly meeting Thursday against a backdrop of a 24 per cent decline in the price of crude over the last month or so. Some of the group's 12 members, such as Iran and Venezuela, will likely call on the cartel to cut output in a bid to boost prices.

However, analysts expect most of OPEC, led by Saudi Arabia, will oppose pinching supplies because the global economy is fragile. Lower oil prices should ease fuel costs, eventually freeing up consumer spending in net crude importers such as the United States, Europe and China.

"OPEC would not want to be seen to kick the global economy when it is down," analysts at Capital Economics wrote in a report.

The International Energy Agency said that while oil supplies had grown slightly in May, to 91.1 million barrels a day, several risks on the horizon, including the effect of sanctions against Iran and the possibility of resurgent growth in China, called for a cautious outlook.

"The market can clearly now be characterized as better supplied, but over-supplied looks something of a stretch, given the myriad uncertainties that lie ahead for the summer," the Paris-based IEA said in its monthly Oil Market Report released Wednesday.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14812.42-57.38
S&P CDNX681.43+1.87
DJIA17712.66+34.43
Nasdaq4891.22+27.86
S&P 5002061.02+4.87
CDN Dollar0.7928-0.0082
Gold1196.30-8.80
Oil48.43-3.00
Lumber282.40-3.60
Natural Gas2.62-0.05

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.50-0.18
Copper Mountain Mining1.13+0.00
Colorado Resources0.125+0.010
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.255+0.020
Decisive Dividend Corporation1.80+0.02

 



25718

FEATURED Property
16954816843-Santiago Loop
3 bedrooms 2 baths
$279,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_





25666


Member of BC Press Council