Sunday, May 24th12.7°C
26424
26033

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

26396


Recent Trending




Today's Market
S&P TSX15200.76-2.85
S&P CDNX703.48+2.97
DJIA18232.02-53.72
Nasdaq5089.36-1.43
S&P 5002126.06-4.76
CDN Dollar0.8138-0.0003
Gold1204.30+1.30
Oil57.45-1.98
Lumber273.80+3.70
Natural Gas2.887-0.064

 
Okanagan Companies
Pacific Safety0.13-0.01
Knighthawk0.010.00
QHR Technologies Inc1.48+0.03
Cantex0.03-0.01
Anavex Life Sciences0.425+0.053
Metalex Ventures0.09+0.01
Russel Metals25.79-0.03
Copper Mountain Mining1.38-0.03
Colorado Resources0.105+0.005
ReliaBrand Inc0.0048-0.0049
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation2.20+0.60

 



26401

FEATURED Property
2252493#101 877 KLO
2 bedrooms 2 baths
$235,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...


Squaring the circle

Photo: Thinkstock.comI have been reading about market segmentation and choice. Howard Moskowitz’s research into tomato sauce as retold by Malcom Gladwell on the TED talks (http://www.ted.com/tal...

_



26363




Member of BC Press Council


24222