Saturday, December 20th0.6°C
24295
23664

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

23104


Recent Trending




Today's Market
S&P TSX14468.26+121.51
S&P CDNX676.54+11.04
DJIA17804.8026.65
Nasdaq4765.38+16.983
S&P 5002070.65+9.42
CDN Dollar0.8618+0.0001
Gold1197.20+2.50
Oil56.50+2.39
Lumber336.20-0.70
Natural Gas3.446-0.196

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.03
Cantex0.03-0.005
Anavex Life Sciences0.1726+0.0026
Metalex Ventures0.05-0.005
Russel Metals25.58-0.42
Copper Mountain Mining1.55-0.02
Colorado Resources0.120.00
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.05-0.005
Mission Ready Services0.215-0.01

 
23744


24387

FEATURED Property
780348415 Commonwealth Rd
1 bedrooms 1 baths
more details
image2image2image2
Click here to feature your property
Please wait... loading


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...

_



24476

24476


Member of BC Press Council


24409