Saturday, August 23rd20.6°C
22568
21755

Oil snaps 2 days of steep losses

Oil prices broke two days of steep losses Friday and scrambled back above US$93 a barrel amid official predictions that economic growth in Europe will accelerate in the second half of the year. Ample supplies kept gains in check.

By early afternoon in Europe, benchmark West Texas Intermediate crude for April delivery was up 30 cents at US$93.14 a barrel in electronic trading on the New York Mercantile Exchange.

The contract fell $2.38, or 2.5 per cent, to finish at US$92.84 a barrel in New York on Thursday, the second drop of two per cent or more in two days.

The European Union's executive arm, the European Commission, said Friday that it expects the recession currently afflicting the economy of the 17 countries sharing the euro to bottom out in the first half of 2013, with growth seen reaching an annual rate of 0.7 per cent in the last three months of the year. In 2014, growth in the eurozone is forecast to accelerate to 1.4 per cent.

This has not stopped the rise at the pumps, here is a snap shot of today's prices.

The Canadian Press


Read more Business News

21623


Recent Trending




Today's Market
S&P TSX15535.55-19.71
S&P CDNX1005.583.38
DJIA17001.22-38.27
Nasdaq4538.551+6.446
S&P 5001988.40-3.97
CDN Dollar0.9137-0.0003
Gold1279.90+6.2001
Oil96.30+1.82
Lumber352.80-2.80
Natural Gas3.88-0.009

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.20-0.01
Cantex0.065-0.005
Anavex Life Sciences0.265+0.005
Metalex Ventures0.08+0.005
Russel Metals36.78-0.81
Copper Mountain Mining2.99+0.11
Colorado Resources0.17-0.015
ReliaBrand Inc0.115+0.02
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.26+0.045

 



22965

FEATURED Property
1892909#302 1353 Ellis st.
$899,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...

_



22885

22854


Member of BC Press Council


22707