Friday, July 3rd34.7°C
26932
25998

Crude rises nearly 2% as US oil supplies drop by 7.7 million barrels last week

NEW YORK, N.Y. - The price of oil closed above US$94 a barrel Wednesday for the first time in two weeks on a big drop in supplies.

Benchmark West Texas Intermediate crude oil for February delivery rose $1.58, or 1.7 per cent, to US$94.17 a barrel on the New York Mercantile Exchange.

Brent crude, used to set prices for international varieties of crude, rose 67 cents at US$106.27 a barrel in London.

The U.S. Energy Department reported that oil supplies fell by a larger than expected 7.7 million barrels last week. Analysts surveyed by Platts, the energy information arm of McGraw-Hill, expected a decline of 1.6 million barrels.

The drop marked the seventh consecutive decline in U.S. crude oil supplies.

Oil has risen 2.6 per cent in the past two days. It started the year with steep declines because supplies of crude oil and fuel appeared ample enough to offset rising demand.

In other energy futures trading in New York: wholesale gasoline was flat at US$2.63 a U.S. gallon (3.79 litres), heating oil gained four cents to US$2.98 a gallon and natural gas fell four cents to US$4.33 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




Recent Trending




Today's Market
S&P TSX14682.39+44.40
S&P CDNX670.58-1.00
DJIA17730.11-27.80
Nasdaq5009.21-3.91
S&P 5002076.78-0.64
CDN Dollar0.7955-0.0018
Gold1167.10+4.10
Oil56.20-1.41
Lumber288.50+0.40
Natural Gas2.77-0.05

 
Okanagan Companies
Pacific Safety0.17+0.00
Knighthawk0.010.00
QHR Technologies Inc1.52-0.03
Cantex0.035-0.015
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.78-0.09
Copper Mountain Mining1.17+0.03
Colorado Resources0.09+0.03
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.50

 





FEATURED Property
2337594347 Woods Road
4 bedrooms 3 baths
$399,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_



26370




Member of BC Press Council


25143