Saturday, April 25th6.9°C
26075
25818

Price of crude oil rises slightly on closure of Houston Ship Channel

The price of oil edged higher Monday as traders waited to see how long a key transit route in the Gulf of Mexico would be closed following an oil spill there.

Benchmark West Texas Intermediate crude for May delivery rose 14 cents to close at US$99.60 a barrel on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties, slipped 11 cents to US$106.81 a barrel

On Saturday, a barge carrying about 900,000 gallons of heavy oil collided with a ship in the Houston Ship Channel, spilling as much as 636,000 litres into one of the world's busiest waterways. More than 80 ships have been forced to wait to enter or leave the bay.

Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, said the oil prices could shoot higher if the waterway isn't open by the end of the week.

Soft Chinese economic data kept a lid on prices Monday. The preliminary version of HSBC's purchasing managers' index for China showed manufacturing dropped to an eight-month low, while factory output shrank at the fastest pace in 18 months.

Some investors bet the data would spur China to introduce economic stimulus measures to prevent a deeper slowdown in the world's No. 2 economy.

In other energy futures trading on Nymex, wholesale gasoline fell two cents to US$2.89 a U.S. gallon (3.79 litres), heating oil dropped one cent to US$2.91 a gallon and natural gas lost four cents to US$4.28 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

25753


Recent Trending




Today's Market
S&P TSX15408.33+15.98
S&P CDNX697.70-1.78
DJIA18080.14+21.45
Nasdaq5092.08+36.02
S&P 5002117.69+4.76
CDN Dollar0.8210+0.0002
Gold1175.20-17.60
Oil55.50-0.88
Lumber258.50+3.90
Natural Gas2.531+0.002

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.010.00
QHR Technologies Inc1.38+0.00
Cantex0.035+0.005
Anavex Life Sciences0.43+0.01
Metalex Ventures0.095+0.000
Russel Metals27.16+0.41
Copper Mountain Mining1.15+0.06
Colorado Resources0.095+0.000
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.20+0.00
Decisive Dividend Corporation1.80+0.10

 





FEATURED Property
22324882005 Montego Street
4 bedrooms 4 baths
$389,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


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...


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...

_





25289


Member of BC Press Council


24697