Wednesday, April 16th3.3°C
21104
21135

Oil tops US$97 a barrel on encouraging European data, Libyan troubles

The price of oil rose above US$97 a barrel Monday after new signals that Europe's economy is on the mend and supply concerns amid the ongoing closure of export terminals in Libya.

Benchmark West Texas Intermediate crude for January delivery rose 88 cents to US$97.48 a barrel on the New York Mercantile Exchange.

In Europe, business sentiment is rising for the first time in three months, according to a survey of the 17-country eurozone.

The monthly purchasing managers' index for the eurozone from financial information company Markit rose to 52.1 in December from 51.7 in November, after two consecutive months of declines. Anything above 50 indicates expansion, which would typically translate into higher demand for crude.

At the same time, Libyan oil terminals that were expected to open last weekend remained shut, reducing expected supplies. A militia from eastern Libya controlling the export hubs said the central government in Tripoli had failed to meet its demands, mainly a share of oil revenues.

Traders will be watching closely the U.S. Federal Reserve's decision Wednesday on whether to maintain its monthly $85 billion in monetary stimulus. There are growing expectations that the Fed could decide to start cutting back following recent strong U.S. economic data reports and signs of an imminent budget agreement in Congress.

Any reduction of stimulus could result in a stronger dollar. That would make commodities priced in dollars, such as crude, more expensive to foreign buyers and driving down demand.

Brent crude, a benchmark used to price international oil used by many U.S. refineries, closed at $110.47.

In other energy futures trading on the Nymex, wholesale gasoline rose 1.4 cents to US$2.644 a U.S. gallon (3.79 litres), heating oil rose 1.5 cents to US$2.99 a gallon and natural gas fell 7.2 cents to US$4.279 per 1,000 cubic feet.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)

The Canadian Press


Read more Business News

21115


Recent Trending




Today's Market
S&P TSX14303.92+19.49
S&P CDNX992.10-3.91
DJIA16357.8095.24
Nasdaq4057.686+23.524
S&P 5001852.59+9.61
CDN Dollar0.9110+0.0002
Gold1302.30+2.30
Oil104.62+0.87
Lumber324.60+0.40
Natural Gas4.563-0.004

 
Okanagan Companies
Pacific Safety0.11-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.27-0.08
Cantex0.045-0.005
Anavex Life Sciences0.38-0.0175
Metalex Ventures0.0750.00
Russel Metals30.27-0.12
Copper Mountain Mining2.32-0.07
Colorado Resources0.2650.00
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23-0.02

 
19691


21100

FEATURED Property
1586456186 hwy 97
3 bedrooms 2 baths
$769,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...


Quick and nimble

Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...


Keeping a clear focus on the future

Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...

_



21604

21641


Member of BC Press Council


21188