Friday, October 24th2.7°C
23888
23129

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

23015


Recent Trending




Today's Market
S&P TSX14486.83+174.76
S&P CDNX808.600.60
DJIA16677.90216.58
Nasdaq4452.792+69.945
S&P 5001950.82+23.71
CDN Dollar0.8910+0.0006
Gold1231.40+2.30
Oil81.24-0.51
Lumber334.10+4.50
Natural Gas3.625+0.003

 
Okanagan Companies
Pacific Safety0.11-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.17+0.02
Cantex0.0550.00
Anavex Life Sciences0.1980.00
Metalex Ventures0.04-0.01
Russel Metals33.16+0.63
Copper Mountain Mining2.08-0.02
Colorado Resources0.14-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.41+0.005

 



22970

FEATURED Property
2106754107-567 Yates Road
1 bedrooms 1 baths
$197,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...

_








Member of BC Press Council


22707