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)
Read more Business News
- Coke smuggler gets 14 yearsKelowna - 1:31 pm
- Cops warn public about 'ICE'Kelowna - 1:15 pm
- Where is Batman?Penticton / S. Okanagan - 1:33 pm
- Man falls to deathPenticton / S. Okanagan - 2:30 pm
|QHR Technologies Inc||1.22||-0.04|
|Anavex Life Sciences||0.1804||-0.0036|
|Copper Mountain Mining||2.29||-0.13|
|Sunrise Resources Ltd||0.065||+0.045|
|Mission Ready Services||0.31||-0.01|
Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...
Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...
Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...