Wednesday, July 30th34.3°C
21450
21953

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

22563


Recent Trending




Today's Market
S&P TSX15524.82+78.271
S&P CDNX1011.10-5.40
DJIA16880.36-31.75
Nasdaq4462.902+20.204
S&P 5001970.07+0.12
CDN Dollar0.9170-0.0001
Gold1310.00+6.70
Oil99.41-0.86
Lumber327.40+5.10
Natural Gas3.73-0.017

 
Okanagan Companies
Pacific Safety0.1850.00
Knighthawk0.01-0.005
QHR Technologies Inc1.22+0.02
Cantex0.085+0.02
Anavex Life Sciences0.26-0.0075
Metalex Ventures0.08-0.005
Russel Metals35.22-0.07
Copper Mountain Mining2.83-0.03
Colorado Resources0.22-0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.03-0.005
Mission Ready Services0.15-0.005

 



22557

FEATURED Property
19624502699 Saucier Road
10082421 bedrooms
$1,270,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22581