Friday, February 27th1.2°C
25355
24657

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

24502


Recent Trending




Today's Market
S&P TSX15268.13+26.97
S&P CDNX701.28+0.35
DJIA18184.12-30.30
Nasdaq4977.392-10.498
S&P 5002108.11-2.63
CDN Dollar0.8012+0.002
Gold1203.00+6.10
Oil51.40+1.01
Lumber296.60+1.10
Natural Gas2.895-0.007

 
Okanagan Companies
Pacific Safety0.12+0.005
Knighthawk0.010.00
QHR Technologies Inc1.57-0.01
Cantex0.035-0.005
Anavex Life Sciences0.19+0.001
Metalex Ventures0.035-0.005
Russel Metals25.65+0.35
Copper Mountain Mining1.28+0.02
Colorado Resources0.15+0.015
ReliaBrand Inc0.0087+0.0017
Sunrise Resources Ltd0.05+0.015
Mission Ready Services0.215+0.005

 



24909

FEATURED Property
2187797#36-6100 Old Vernon Road
3 bedrooms 3 baths
$378,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...

_








Member of BC Press Council


24850