Saturday, April 18th15.3°C
25758
25686

Black gold on the rise

Oil prices climbed Friday after Israeli troops fired on crowds in Gaza surging toward the border fence, killing one Palestinian.

Benchmark crude ended the trading day up 90 cents to $88.28 a barrel on the New York Mercantile Exchange.

Brent, which is used to price international varieties of oil, was up 83 cents to $111.38 a barrel.

Friday's killing is the first violence since a truce between Israel and the militant Hamas group was reached two days ago. Prior to the shooting, oil prices had been falling, thanks mostly to optimism over the stability in the region that the cease-fire agreement provided.

Israel launched an offensive on Nov. 14 to halt rocket fire from Gaza, unleashing some 1,500 airstrikes on Hamas-linked targets, while Hamas and other Gaza militants showered Israel with just as many rockets. The truce reached Wednesday had eased fears of a war that could broaden beyond Gaza and eventually disrupt oil supplies.

Paul Tossetti, senior director of markets and country strategies at PFC Energy, said prices were linked to the action in Gaza but that he expects this to be a temporary bump and that the cease fire would ultimately hold.

"I expect the market might back away from those concerns," he said.

Traders are also looking ahead to the next meeting of the Organization of the Petroleum Exporting Countries on Dec. 12. Tossetti said OPEC has been maintaining high levels of production but he doesn't expect anything to change at the upcoming meeting.

"It will probably be a non-event and a non-event for prices," he said.

The Canadian Press


Read more Business News

25538


Recent Trending




Today's Market
S&P TSX15360.55-26.22
S&P CDNX702.85-2.74
DJIA17826.30-279.47
Nasdaq4931.81-75.98
S&P 5002081.18-23.81
CDN Dollar0.8169-0.0001
Gold1204.10+6.10
Oil56.14-0.57
Lumber245.50-9.80
Natural Gas2.641-0.043

 
Okanagan Companies
Pacific Safety0.12+0.00
Knighthawk0.010.00
QHR Technologies Inc1.40-0.01
Cantex0.035+0.005
Anavex Life Sciences0.33+0.02
Metalex Ventures0.075+0.030
Russel Metals27.48-0.23
Copper Mountain Mining1.13+0.01
Colorado Resources0.10-0.00
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation1.80+0.15

 



24910

FEATURED Property
179399825 Traders Cove Road, Kelowna, BC
4 bedrooms 2 baths
$1,349,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25221

25221


Member of BC Press Council


25772