Saturday, December 20th0.9°C
24295
23875

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

23041


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

 
24130


23405

FEATURED Property
19693761547 Pinot Gris Drive
3 bedrooms 3 baths
$949,000
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...

_



24386

24437


Member of BC Press Council


24409