Sunday, July 5th30.5°C
26926
22748

Oil rises above US$100 as Energy Department data shows fuel demand improving

The price of oil rose above US$100 a barrel for the first time in a week Wednesday on signs of increased demand for petroleum products.

Benchmark West Texas Intermediate crude for April delivery gained 67 cents to close at US$100.37 a barrel on the New York Mercantile Exchange. The April contract expires Thursday and the more heavily-traded May contract rose 29 cents to US$99.17.

The Energy Department said that demand for gasoline rose 1.5 per cent over the four-week period ended March 14, compared with the same period last year.

And supplies of distillates, which include heating oil and diesel, fell by 3.1 million barrels, more than three times the decline analysts had been expecting. Both figures were seen as signs of strengthening demand.

Oil also got a boost from the U.S. Federal Reserve's decision to further reduce bond purchases aimed at stimulating economic growth. Traders saw that as a sign the Fed is more confident the U.S. economy can grow on its own.

Brent crude, used to set prices for international varieties, fell 94 cents to US$105.85 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex, wholesale gasoline fell three cents to US$2.87 a U.S. gallon (3.79 litres), heating oil lost one cent to US$2.90 a gallon and natural gas added three cents to US$4.48 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

26873


Recent Trending




Today's Market
S&P TSX14682.39+44.40
S&P CDNX670.58-1.00
DJIA17730.11-27.80
Nasdaq5009.21-3.91
S&P 5002076.78-0.64
CDN Dollar0.7929-0.0005
Gold1167.60+4.60
Oil55.84-1.77
Lumber288.50+0.40
Natural Gas2.773-0.049

 
Okanagan Companies
Pacific Safety0.17+0.00
Knighthawk0.010.00
QHR Technologies Inc1.52-0.03
Cantex0.035-0.015
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.78-0.09
Copper Mountain Mining1.17+0.03
Colorado Resources0.09+0.03
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.50

 





FEATURED Property
2160712527 Valley Road
10099246 bedrooms
$1,469,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_



26376




Member of BC Press Council


26432