Friday, October 31st10.5°C
23888
23488

Cold weather in US, steady China growth lift crude oil to US$102 a barrel

The price of oil closed above US$102 a barrel Tuesday on expectations that cold weather in the United States and steady Chinese growth will underpin demand.

Benchmark West Texas Intermediate crude for March delivery closed up $2.13 at US$102.43 a barrel on the New York Mercantile Exchange.

Severe cold weather has been boosting energy prices, with a prolonged wave of snow and cold temperatures hitting the East Coast most of the winter.

"Another snowstorm in the U.S. is likely to keep heating demand at a high level and spark a further decline in the already severely diminished stocks of heating oil and natural gas," said analysts at Commerzbank in Frankfurt in a note to clients.

Optimism that China's economy is still healthy after credit growth increased in January also helped lift energy prices.

Meanwhile, a new round of talks began Tuesday between Iran and six world powers on finalizing a deal to control Iran's nuclear program. The outcome could have an effect on oil prices as Iran is a major oil producer and reduction of sanctions would allow the country to export more of its crude.

A weaker dollar also supported oil prices by making commodities like oil cheaper for traders using other currencies. On Tuesday, the euro was up 0.3 per cent at US$1.3747.

Brent crude, a benchmark for international oils, rose $1.28 to US$110.46 barrel on the ICE Futures exchange in London.

Among other March futures contracts trading on Nymex, wholesale gasoline rose three cents to US$3 a U.S. gallon (3.79 litres), heating oil added three cents to US$3.04 a gallon and natural gas gained 34 cents to US$5.55 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 TSX14611.81+153.119
S&P CDNX767.31-4.34
DJIA17390.32194.90
Nasdaq4630.742+64.604
S&P 5002018.04+23.39
CDN Dollar0.8874-0.006
Gold1171.40-27.20
Oil80.50-0.40
Lumber325.70+2.10
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.125+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.18+0.03
Cantex0.045-0.015
Anavex Life Sciences0.185+0.0139
Metalex Ventures0.03-0.005
Russel Metals32.97+0.75
Copper Mountain Mining2.09+0.12
Colorado Resources0.125-0.015
ReliaBrand Inc0.015+0.003
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.3750.00

 





FEATURED Property
20713482779 w 8TH ST
1 bedrooms 1 baths
$800
more details
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22771