Friday, October 31st7.9°C
23696
23004

Crude above $101 a barrel on higher than expected US GDP; supply worries

The price of oil advanced past US$101 a barrel Thursday following an upward revision to U.S. growth figures and ongoing concerns about tight supplies.

Benchmark West Texas Intermediate crude for May delivery rose $1.02 to close at US$101.28 on the New York Mercantile Exchange. That is the highest closing price in three weeks. On Wednesday, oil jumped $1.07 to close at US$100.26.

Brent crude, a contract for international varieties of oil, gained 80 cents to US$107.83 on the ICE Futures exchange in London.

The American economy grew by 2.6 per cent in the last three months of 2013, up from an earlier estimate of 2.4 per cent, the Commerce Department reported Thursday. The improvement was attributed to higher consumer spending, which suggests demand for energy might be stronger than expected.

Meanwhile, there remained some concerns over supplies. A report by the U.S. Energy Department on Wednesday showed that while crude oil supplies increased 6.6 million barrels in the latest week surveyed, that was offset by declines in gasoline stocks.

"Gains are being maintained ... as geopolitical tensions and supply issues that never seem to fully recede support prices," said the Kilduff Report edited by Michael Fitzpatrick.

In other energy futures trading on Nymex, wholesale gasoline rose three cents to US$2.94 a U.S. gallon (3.79 litres), heating oil added three cents to US$2.94 a gallon and natural gas advanced 18 cents to US$4.58 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
S&P TSX14458.69-68.88
S&P CDNX771.65-9.42
DJIA17195.42221.11
Nasdaq4566.138+16.912
S&P 5001994.65+12.35
CDN Dollar0.8920-0.0014
Gold1176.50-22.10
Oil80.50-0.40
Lumber322.40-1.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.11+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.0350.00
Russel Metals32.22-0.35
Copper Mountain Mining1.97-0.05
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 





FEATURED Property
1785686726 Denali Drive kelowna, BC
3 bedrooms 4 baths
$1,395,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23691