Tuesday, September 30th10.6°C
23366
22916

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

23535


Recent Trending




Today's Market
S&P TSX15032.79+55.87
S&P CDNX909.89-2.87
DJIA17116.6545.43
Nasdaq4513.445+7.592
S&P 5001980.84+3.04
CDN Dollar0.8939-0.002
Gold1211.30-7.50
Oil91.73-1.05
Lumber333.10+4.20
Natural Gas4.107-0.047

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.23+0.01
Cantex0.07-0.02
Anavex Life Sciences0.1850.00
Metalex Ventures0.0550.00
Russel Metals34.62+0.13
Copper Mountain Mining2.51-0.01
Colorado Resources0.150.00
ReliaBrand Inc0.025+0.005
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.335-0.005

 





FEATURED Property
1580635Lot 5 lakeshore Road
10075784 bedrooms
$2,395,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

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...


A wildly successful manufacturer

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...


Finding the smart money

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 ...

_



23499

23499


Member of BC Press Council


22707