Wednesday, July 29th23.1°C
27122
26827

Oil rises to near $102 a barrel on better than expected US hiring figures

The price of oil crept up to near US$102 a barrel Friday after a solid increase in U.S. employment and a decline in the American dollar.

Benchmark West Texas Intermediate crude for April delivery rose $1.02 to close at US$102.58 a barrel on the New York Mercantile Exchange. After a swing in prices earlier in the week due to the situation in Ukraine, oil ended the week with a loss of one cent.

Brent crude, used to set prices for international varieties of crude, gained 90 cents to US$109 a barrel on the ICE Futures exchange in London.

The brutal winter weather didn't faze U.S. employers, who added 175,000 jobs, far more than the two previous months. The U.S. Labor Department said the unemployment rate rose to 6.7 per cent from a five-year low of 6.6 per cent, but that was because more people grew optimistic about their job prospects and began seeking work.

The U.S. greenback fell against most other major currencies, helping oil. A weak dollar encourages holders of other currencies to buy dollar-denominated assets such as oil.

In other energy futures trading on Nymex, wholesale gasoline rose three cents to US$2.97 a U.S. gallon (3.79 litres), heating oil added three cents to US$3.01 a gallon and natural gas fell four cents to US$4.62 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

26959


Recent Trending




Today's Market
S&P TSX14222.48+145.12
S&P CDNX585.47-1.49
DJIA17731.82+101.55
Nasdaq5092.82+3.62
S&P 5002102.29+9.04
CDN Dollar0.7757+0.0019
Gold1096.90+0.60
Oil49.66+1.25
Lumber252.60-3.50
Natural Gas2.862+0.041

 
Okanagan Companies
Pacific Safety0.18+0.01
Knighthawk0.010.00
QHR Technologies Inc1.35-0.02
Cantex0.05+0.00
Anavex Life Sciences0.8195+0.0395
Metalex Ventures0.045-0.015
Russel Metals19.15+0.80
Copper Mountain Mining0.83+0.01
Colorado Resources0.055-0.005
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.14-0.01
Decisive Dividend Corp2.60-0.10

 





FEATURED Property
2375499307 - 1931 Barlee Rd.
2 bedrooms 2 baths
$139,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



27053




Member of BC Press Council


26788