Monday, April 27th17.1°C
25924
24805

Oil dips near $98 a barrel after Crimea votes to split from Ukraine, join Russia

The price of oil fell to near US$98 a barrel Monday after Crimea voted to split from Ukraine and join Russia, a development already anticipated by investors.

The vote triggered sanctions by the EU and U.S. against Russia, but none that affected the country's energy industry.

Benchmark West Texas Intermediate crude for April delivery fell 81 cents to close at US$98.08 on the New York Mercantile Exchange.

Brent crude, used to set prices for international varieties of crude, dropped $1.97 to US$106.24 a barrel on the ICE Futures exchange in London.

Crimea's parliament on Monday declared the region an independent state, following its residents' overwhelming decision in a referendum held Sunday to break away from Ukraine and seek to join Russia. The United States, the European Union and others said the vote violated the Ukrainian constitution and international law.

EU foreign ministers announced travel bans and asset freezes on 21 individuals seen pushing for the secession and possible annexation of the Crimean peninsula. While Russia is a major oil and gas producer, sanctions are not seen stretching that far for now.

For Russia, around 70 per cent of export revenues come from energy sales, analysts said.

Natural gas rose 11 cents to US$4.54 per 1,000 cubic feet as forecasts call for cooler than normal temperatures in the northern parts of the U.S. through the end of March.

In other energy futures trading on Nymex, wholesale gasoline fell eight cents to US$2.88 a U.S. gallon (3.79 litres) and heating oil dropped five cents to US$2.89 a gallon.

(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

25990


Recent Trending




Today's Market
S&P TSX15344.08-64.25
S&P CDNX690.10-7.60
DJIA18037.97-42.17
Nasdaq5060.25-31.84
S&P 5002108.92-8.77
CDN Dollar0.8264-0.0006
Gold1199.90-3.40
Oil56.30-0.69
Lumber255.00-1.20
Natural Gas2.471-0.019

 
Okanagan Companies
Pacific Safety0.08-0.04
Knighthawk0.010.00
QHR Technologies Inc1.40+0.02
Cantex0.035+0.005
Anavex Life Sciences0.395-0.035
Metalex Ventures0.095+0.000
Russel Metals27.05-0.11
Copper Mountain Mining1.25+0.10
Colorado Resources0.10+0.01
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.19-0.01
Decisive Dividend Corporation1.80+0.10

 



26104

FEATURED Property
1926928lakefront Acreages on South Arrow Lake only minutes to Castlegar
$449,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Buy versus rent

Consider the top five reasons to buy versus rent: #5 Experience Freedom: Home ownership will free you from the ties that bind you to a landlord...no longer will you be dependent on someone else&rsq...


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...

_



25482

26091


Member of BC Press Council


25692