Friday, March 6th1.0°C
25407

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

24896


Recent Trending




Today's Market
S&P TSX15076.32-26.79
S&P CDNX693.54-3.38
DJIA18012.87-122.85
Nasdaq4970.997-11.813
S&P 5002089.24-11.80
CDN Dollar0.7940-0.0071
Gold1174.60-21.30
Oil52.18-0.37
Lumber286.40-0.60
Natural Gas2.815-0.026

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.010.00
QHR Technologies Inc1.64-0.01
Cantex0.035-0.005
Anavex Life Sciences0.18-0.004
Metalex Ventures0.045+0.005
Russel Metals24.33+0.06
Copper Mountain Mining1.20-0.04
Colorado Resources0.130.00
ReliaBrand Inc0.0065-0.0015
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.22-0.005

 



25103

FEATURED Property
19625304264 Hobson Road
4 bedrooms 4 baths
$5,895,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How to price: Step Four

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The purpose of the book was to make available to the owners of small companies, pricing techniques used by sophist...


Refinance your mortgage?

Canadian Mortgage rates are low and could be dropping down in time for the spring market following a drop in the Bank of Canada Rate on January 21 by 1/4% which will save new buyers and those with mo...


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...

_








Member of BC Press Council


25107