Tuesday, September 2nd12.1°C
23201
22952

Oil rises to US $88 a barrel

The price of oil rose to US$88 a barrel Monday as the conflict in Gaza between Israel and Hamas showed no signs of abating, raising concerns about Middle East crude supplies.

By early afternoon in Europe, benchmark West Texas Intermediate crude for December delivery was up $1.09 to US$88.01 a barrel in electronic trading on the New York Mercantile Exchange. The contract added $1.05 to finish at US$86.92 per barrel on Friday.

Brent crude, used to price many international varieties of oil, rose 77 cents to US$109.72.

Analysts highlighted concerns that oil supplies could be disrupted if the Israel-Hamas conflict engulfs countries elsewhere in the Middle East, a huge producer of crude.

"Fears are growing that Arab oil producers could find themselves dragged into the conflict between Israel and the Palestinians," said a report from Commerzbank in Frankfurt. "We therefore assume that prices will continue to rise."

The fighting comes just as winter arrives in the U.S. and China, boosting energy demand.

Meanwhile, expectations that President Barack Obama and U.S. congressional leaders will reach a budget deal by the end of the year and avoid the "fiscal cliff" of big tax increases and spending cuts also bolstered oil prices.

"It seems that risk appetite is back to the energy board, showing a strong rally in crude oil prices following U.S. fiscal hopes," said analysts at Sucden Financial Research in London.

In other energy futures trading on Nymex, heating oil was up 4.06 cents to US$3.0274 a U.S. gallon (3.79 litres), wholesale gasoline rose 1.19 cents to US$2.7220 a gallon and natural gas added 1.3 cents to $3.803 per 1,000 cubic feet.

The Canadian Press


Read more Business News

23167


Recent Trending




Today's Market
S&P TSX15619.08-6.65
S&P CDNX1010.88-13.11
DJIA17067.56-30.89
Nasdaq4598.188+17.917
S&P 5002002.28-1.09
CDN Dollar0.9142-0.0007
Gold1267.10+2.10
Oil93.17+0.29
Lumber350.50+0.80
Natural Gas3.947+0.009

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.18-0.01
Cantex0.08+0.01
Anavex Life Sciences0.24-0.01
Metalex Ventures0.07-0.005
Russel Metals36.42-0.06
Copper Mountain Mining2.90-0.03
Colorado Resources0.165-0.015
ReliaBrand Inc0.100.00
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.225-0.02

 



22819

FEATURED Property
17979007210 Brent Road, Peachland, BC
5 bedrooms 4 baths
$1,079,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Manage your behaviour

You can’t manage what you can’t control! You can’t manage the number of sales you’re going to make but you can manage the behaviour that will help you make those sales. Obvious...


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...

_





22692


Member of BC Press Council