Thursday, July 31st17.2°C
22568
21953

Crude oil prices gain ahead of Sunday's referendum on Crimean secession

The price of oil rose Friday on concerns that tensions over Ukraine could rise with this weekend's referendum on Crimean secession.

But oil still finished the week down more than three per cent, largely because traders were concerned about the strength of demand from China.

Benchmark West Texas Intermediate crude for April delivery rose 69 cents to close at US$98.89 a barrel on the New York Mercantile Exchange on Friday. But for the week, oil was down US$3.69 a barrel, or 3.6 per cent.

Brent crude, used to set prices for international varieties of crude, rose US$1.18 to US$108.57 Friday on the ICE Futures exchange in London.

China is one of the top consumers of energy, so an economic slowdown there could dial back demand for oil.

"The energy complex has morphed into a trade where Chinese economic releases will be a strong determinant of near-term oil price direction," Jim Ritterbusch, president of energy consultancy Jim Ritterbusch and Associates, wrote in a note to clients.

At the same time, Russia is one of the top producers of oil worldwide, meaning that any western sanctions against Moscow for its military incursion into the Ukraine's Crimean peninsula could affect global supplies.

The West braced for a vote Sunday by residents of Crimea on whether secede from Ukraine — and likely be annexed by Russia — as the last attempt for diplomacy broke down despite threats of costly international sanctions and other imminent penalties against Moscow for forcibly challenging a pro-European government in Kyiv.

In other energy futures trading on Nymex, wholesale gasoline rose three cents to US$2.96 a U.S. gallon (3.79 litres), heating oil rose two cents to US$2.94 a gallon and natural gas added four cents to US$4.43 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

21623


Recent Trending




Today's Market
S&P TSX15524.82+78.271
S&P CDNX1011.10-5.40
DJIA16880.36-31.75
Nasdaq4462.902+20.204
S&P 5001970.07+0.12
CDN Dollar0.9165-0.0006
Gold1310.00+6.70
Oil99.53-0.74
Lumber328.70+6.40
Natural Gas3.73-0.017

 
Okanagan Companies
Pacific Safety0.1850.00
Knighthawk0.01-0.005
QHR Technologies Inc1.22+0.02
Cantex0.085+0.02
Anavex Life Sciences0.26-0.0075
Metalex Ventures0.08-0.005
Russel Metals35.22-0.07
Copper Mountain Mining2.83-0.03
Colorado Resources0.22-0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.03-0.005
Mission Ready Services0.15-0.005

 



22447

FEATURED Property
19235501853 Edgehill Avenue
2 bedrooms 2 baths
$299,800
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22758