Saturday, May 30th19.7°C
26493
24949

Crude oil above US$100 a barrel as traders look beyond big supply increase

NEW YORK, N.Y. - The price of oil rose above US$100 a barrel Wednesday as the market looked beyond a large increase in oil supplies.

Benchmark West Texas Intermediate crude for May delivery gained $1.07 to close at US$100.26 a barrel on the New York Mercantile Exchange.

Brent crude, a contract for international varieties of oil, added four cents to US$107.03 on the ICE Futures exchange in London.

A report from the Energy Department for the week ended March 21 showed crude oil supplies rose by 6.3 million barrels, more than double the gain of 2.6 million barrels expected by analysts, according to Platts.

However, supplies at the oil hub in Cushing, Okla., where benchmark U.S. oil is priced, fell by 1.3 million barrels. And gasoline supplies dropped by 5.1 million barrels, a much bigger drop than analysts anticipated.

In other energy futures trading on Nymex, wholesale gasoline gained three cents to US$2.91 a U.S. gallon (3.79 litres), heating oil was flat at US$2.92 a gallon and natural gas fell one cent to US$4.40 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




Recent Trending




Today's Market

 
Okanagan Companies

 



26341

FEATURED Property
2303153Fantastic Home in Magic Estates 277 Avonlea Way
$513,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Yard sale pricing

Photo: Thinkstock.comI have deliberately abridged this household tips article to illustrate pricing strategies. "Tips For Pricing Yard Sale Items” was written by Lynnette Walczak, and publi...


What's a robo-advisor?

Photo: ContributedIt can only be attributable to human error. -Hal, 2001: A Space Odyssey For most of us who are within thinking distance of retirement, the term “robo” conjures up image...


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...

_





25482


Member of BC Press Council


25690