Saturday, September 20th22.5°C
23284
22754

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

23480


Recent Trending




Today's Market
S&P TSX15265.35-200.19
S&P CDNX955.06-10.73
DJIA17279.7413.75
Nasdaq4593.426-13.637
S&P 5002010.40-0.96
CDN Dollar0.9126+0.0004
Gold1216.90-10.00
Oil92.45-0.62
Lumber329.00-0.90
Natural Gas3.911-0.064

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.37+0.05
Cantex0.05-0.01
Anavex Life Sciences0.223-0.0031
Metalex Ventures0.060.00
Russel Metals35.75-1.26
Copper Mountain Mining2.66-0.02
Colorado Resources0.165-0.01
ReliaBrand Inc0.0249+0.0009
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.29-0.01

 



22784

FEATURED Property
20717932457 Ryser Place
4 bedrooms 3 baths
$490,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Disruptive innovation

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...


Executors and their duties

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...


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...

_








Member of BC Press Council


22962