Monday, September 15th26.6°C
23373
22768

Crude up 2% for the week on rising demand from improving US economy

The price of oil rose slightly Friday, finishing the week two per cent higher on signs of rising demand in the U.S., the world's biggest oil consumer.

Benchmark West Texas Intermediate crude for February delivery rose 41 cents to close at US$94.37 on the New York Mercantile Exchange. Oil is up two per cent since closing last Friday at US$92.72.

The March contract for Brent crude, the benchmark for many international varieties, was up 73 cents at US$106.48 in London.

U.S. oil began the year near US$100 a barrel but retreated swiftly on indications of ample global supplies. It regained some of that ground this week on signals that the U.S. economy is churning again and burning more diesel, jet fuel, and gasoline.

On Thursday, the U.S. Energy Department said oil supplies fell by 7.7 million barrels last week, the seventh straight weekly decline. OPEC said in a report that it expects global oil demand to rise by around one million barrels a day this year, up from an increase of 900,000 barrels a day in 2013.

In other energy futures trading in New York, natural gas fell 5.6 cents to close at US$4.326 per 1,000 cubic feet, heating oil rose 3.9 cents to close at US$3.024 a U.S. gallon (3.79 litres) and wholesale gasoline rose 2.5 cents to close at US$2.620 a gallon.

(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 TSX15482.56-49.021
S&P CDNX981.50-6.43
DJIA17031.1443.63
Nasdaq4518.903-48.696
S&P 5001984.13-1.41
CDN Dollar0.9050+0.0003
Gold1234.30-0.7999
Oil92.76-0.16
Lumber349.00+1.00
Natural Gas3.982-0.015

 
Okanagan Companies
Pacific Safety0.18-0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.29-0.01
Cantex0.06-0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.065-0.005
Russel Metals36.17-0.09
Copper Mountain Mining2.70-0.18
Colorado Resources0.155-0.01
ReliaBrand Inc0.024-0.0078
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.265-0.01

 



22967

FEATURED Property
202900613472 Parkside Crescent
10086203 bedrooms
$185,900
more details
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

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...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...


Brangelina and Celebrity vs Philanthropy

This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...

_





23109


Member of BC Press Council


23262