Tuesday, October 21st16.6°C
23836

Crude oil down sharply after Putin eases fears of escalation of Ukraine crisis

The price of crude oil dropped sharply Tuesday after Russian President Vladimir Putin said his country was not seeking to escalate the conflict in Ukraine

Benchmark West Texas Intermediate crude for April delivery fell $1.59 to US$103.33 a barrel on the New York Mercantile Exchange. On Monday, oil added $2.33 to close at $104.92.

Brent crude, used to set prices for international varieties of crude, fell $1.90 to US$109.30 a barrel on the ICE Futures exchange in London.

Putin said that the situation in Ukraine is "gradually stabilizing."

Although he did say the Kremlin was ready to protect ethnic Russians in Ukraine, his comments cooled tensions that rose when Russian troops took control of all Ukrainian border posts on the strategic Crimean peninsula. Also Tuesday, the U.S. announced a US$1-billion aid package in energy subsidies to Ukraine.

Russia was the world's second-largest producer of oil in 2012, accounting for 12.6 per cent of global supplies, according to the International Energy Agency. It was also the world's top exporter of natural gas that year, the IEA said.

So, any economic sanctions against Moscow — one of the few tools available to the U.S. and Europe — could limit world supply and push up prices.

In other energy futures trading on Nymex, wholesale gasoline lost four cents to US$2.99 a U.S. gallon (3.79 litres), heating oil fell four cents to US$3.04 a gallon and natural gas jumped 18 cents to US$4.67 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

23021


Recent Trending




Today's Market
S&P TSX14547.71+209.94
S&P CDNX822.2810.93
DJIA16614.81215.14
Nasdaq4419.479+103.404
S&P 5001941.28+37.27
CDN Dollar0.8905-0.0003
Gold1249.10-2.60
Oil82.21+0.25
Lumber329.70+0.10
Natural Gas3.691-0.02

 
Okanagan Companies
Pacific Safety0.100.00
Knighthawk0.01-0.005
QHR Technologies Inc1.17+0.05
Cantex0.055-0.025
Anavex Life Sciences0.192+0.001
Metalex Ventures0.045-0.005
Russel Metals33.09+0.81
Copper Mountain Mining2.17+0.18
Colorado Resources0.150.00
ReliaBrand Inc0.012+0.0009
Sunrise Resources Ltd0.060.00
Mission Ready Services0.46+0.01

 



20759

FEATURED Property
20691103953 Harding
$325,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_



23545




Member of BC Press Council


23832