Wednesday, August 20th15.5°C
22938
21705

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 TSX15477.17+138.70
S&P CDNX997.566.94
DJIA16919.5980.85
Nasdaq4527.514+19.202
S&P 5001981.60+9.86
CDN Dollar0.9130-0.0012
Gold1293.30-1.7999
Oil95.17+0.69
Lumber354.50+1.90
Natural Gas3.869-0.008

 
Okanagan Companies
Pacific Safety0.185-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.200.00
Cantex0.07+0.005
Anavex Life Sciences0.26+0.03
Metalex Ventures0.0850.00
Russel Metals37.22-0.15
Copper Mountain Mining2.77-0.11
Colorado Resources0.17-0.01
ReliaBrand Inc0.077-0.003
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.200.00

 



22426

FEATURED Property
1892381585 Still Pond Lane
5 bedrooms 5 baths
$789,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Going home to a bully!

Finally, after three months in New Brunswick, I am back home in the sunny Okanagan. It is a delight to be home and the lake, vistas, people and climate never disappoint. Like many people however, I...


Managing a business in 40 hours a week

My screen printing business, like many others, started as a one-man operation. It was located in a small building, not much better than a shack, with a telephone, a big table where I ate lunch and (oc...


The emperor's new clothes

The wealth market faces increasing competition and declining product differentiation. The wealth industry is responding to these emerging trends with “new” and “unique” investm...

_








Member of BC Press Council


22881