Wednesday, October 22nd12.9°C
23840

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

23028


Recent Trending




Today's Market
S&P TSX14448.80-98.91
S&P CDNX819.63-2.65
DJIA16652.0737.26
Nasdaq4435.342+15.863
S&P 5001948.94+7.66
CDN Dollar0.8919+0.001
Gold1244.00-7.70
Oil81.35-0.61
Lumber329.50-0.10
Natural Gas3.68-0.031

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.16-0.01
Cantex0.055-0.025
Anavex Life Sciences0.192+0.001
Metalex Ventures0.05+0.005
Russel Metals32.68-0.41
Copper Mountain Mining2.07-0.10
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.060.00
Mission Ready Services0.460.00

 



23630

FEATURED Property
20661269850 Read Road
10088027 bedrooms
$950,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22707