Monday, November 24th3.1°C
22246
22916

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

24035


Recent Trending




Today's Market
S&P TSX15015.41-96.05
S&P CDNX787.50-1.63
DJIA17817.907.84
Nasdaq4754.892+41.922
S&P 5002069.41+5.91
CDN Dollar0.8858-0.0039
Gold1196.20-1.50
Oil75.75-0.76
Lumber332.10+1.10
Natural Gas4.145-0.121

 
Okanagan Companies
Pacific Safety0.165+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.28-0.02
Cantex0.04+0.005
Anavex Life Sciences0.18+0.002
Metalex Ventures0.030.00
Russel Metals31.49-0.13
Copper Mountain Mining2.17-0.07
Colorado Resources0.13+0.005
ReliaBrand Inc0.0135+0.0005
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.365+0.015

 
24130




FEATURED Property
21441123007 Shetland Road
$517,500
more details
Click here to feature your property
Please wait... loading


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...

_



24207

24207


Member of BC Press Council


23646