Sunday, April 19th2.2°C
25933

Crude oil ends week with 2.2% gain on improving U.S. economy, supply concerns

The price of oil rose slightly Friday, finishing the week just over two per cent higher amid signs of stronger economic growth in the United States and global supply concerns.

Benchmark West Texas Intermedite crude for May delivery gained 39 cents to close at US$101.67 a barrel on the New York Mercantile Exchange. For the week, oil rose 2.2 per cent.

Concerns are growing in energy markets about supply from Nigeria, which produces about 2.5 million barrels of oil daily. There have been reports of sabotage at a pipeline, where leaks have forced Shell Nigeria to halt exports from its Forcados terminal since March 4.

Meanwhile, the recovery in the U.S. economy signals greater demand ahead. The Commerce Department on Thursday raised its economic growth estimate for the last quarter of 2013 to 2.6 per cent from 2.4 per cent, largely because of higher consumer spending.

In other markets, Brent crude, a benchmark for international varieties of oil, was up 24 cents to US$108.07 on the ICE Futures exchange in London.

Elsewhere on the Nymex, wholesale gasoline slipped one cent to US$2.94 a U.S. gallon (3.79 litres), heating oil rose one cent to US$2.96 a gallon and natural gas dropped five cents to US$4.49 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 TSX15360.55-26.22
S&P CDNX702.85-2.74
DJIA17826.30-279.47
Nasdaq4931.81-75.98
S&P 5002081.18-23.81
CDN Dollar0.8169-0.0001
Gold1204.10+6.10
Oil56.14-0.57
Lumber245.50-9.80
Natural Gas2.641-0.043

 
Okanagan Companies
Pacific Safety0.12+0.00
Knighthawk0.010.00
QHR Technologies Inc1.40-0.01
Cantex0.035+0.005
Anavex Life Sciences0.33+0.02
Metalex Ventures0.075+0.030
Russel Metals27.48-0.23
Copper Mountain Mining1.13+0.01
Colorado Resources0.10-0.00
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation1.80+0.15

 



24910

FEATURED Property
2218779Coral Beach Lakeshore
$1,500,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25979

25633


Member of BC Press Council


25541