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)
Read more Business News
- Sun win one for fallen mateBCFC
- New cell tower?West Kelowna
- Social media thwarts shoplifterPenticton / S. Okanagan
- New Sockeye hatcheryPenticton / S. Okanagan
|QHR Technologies Inc||1.37||+0.05|
|Anavex Life Sciences||0.223||-0.0031|
|Copper Mountain Mining||2.66||-0.02|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.29||-0.01|
Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...
There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...
Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...