Saturday, November 22nd5.2°C
24157
24058

Oil jumps above $97 a barrel

The price of oil climbed above $97 a barrel Tuesday for the first time in four months, and analysts said it could go higher if upcoming reports on jobs and U.S. economic growth are positive.

Benchmark oil for March delivery rose $1.13, or 1.2 per cent, to close at $97.57 on the New York Mercantile Exchange. Oil hadn't closed above $97 in New York since Sept. 14. It is now up more than $5 a barrel this year.

This is a big week for U.S. economic indicators. So far investors, both in commodities and stocks, have embraced the positive reports while discounting the negative ones.

A report Tuesday showed U.S. home prices in November had the biggest year-over-year increase in six years, as evidence grows that the U.S. housing market is recovering. That outweighed a separate report that indicated higher taxes and an uncertain economic picture are sapping consumer confidence.

The government will also this week release the latest numbers on fourth-quarter growth, weekly jobless claims and January unemployment. If those reports suggest that the economy is strengthening and hiring is picking up, oil would likely add to its recent gains.

Oil has posted seven straight weekly gains, something not seen since 2009, noted Tom Kloza, chief oil analyst at Oil Price Information Service. He said the market "seems to want to move above $100" as investors buy on the recent momentum, a trend he refers to as "money chasing money."

Brent crude, used to price international varieties of oil, rose 88 cents to end at $114.36 a barrel on the ICE Futures exchange in London.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8901-0.0002
Gold1201.50+10.60
Oil76.72+0.87
Lumber331.50+4.50
Natural Gas4.236-0.253

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744


24126

FEATURED Property
2053883622 Southwind Drive
3 bedrooms 3 baths
$554,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24119

24158


Member of BC Press Council


24203