Saturday, April 25th1.2°C
25349

Oil falls ahead of meeting to defuse Ukraine crisis, latest U.S. supply report

The price of oil fell Tuesday ahead of talks aimed at defusing tensions over Ukraine and the latest report on U.S. oil supplies.

Benchmark West Texas Intermediate crude for May delivery slid 30 cents to close at US$103.75 on the New York Mercantile Exchange. On Monday, the Nymex contract rose 31 cents.

Brent crude, a benchmark used for international varieties of oil, dropped 33 cents to US$108.74 on the ICE Futures exchange in London after hitting a six-week high.

Officials from the U.S., Russia, Ukraine and the European Union are set to meet in Geneva on Thursday for negotiations aimed at persuading Russia to back off in Ukraine following its annexation of Crimea.

Failing that, EU leaders could meet as early as next week to decide on tighter sanctions on Russia, a major producer of oil and gas that has been accused of fomenting unrest in eastern Ukraine.

Expectations of rising U.S. crude oil stockpiles also weighed on prices.

Data for the week ended April 11 is expected to show an increase of 2.4 million barrels in crude oil stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Meanwhile, continued uncertainty about the reopening of oil export terminals in Libya, a key supplier of high-quality crude to European refineries, kept a floor under prices.

In other energy futures trading on the Nymex, wholesale gasoline was flat at US$3.04 a U.S. gallon (3.79 litres, heating oil lost a penny to US $2.98 a gallon and natural gas rose one cent to US$4.57 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

25918


Recent Trending




Today's Market
S&P TSX15408.33+15.98
S&P CDNX697.70-1.78
DJIA18080.14+21.45
Nasdaq5092.08+36.02
S&P 5002117.69+4.76
CDN Dollar0.8210+0.0002
Gold1175.20-17.60
Oil55.50-0.88
Lumber258.50+3.90
Natural Gas2.531+0.002

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.010.00
QHR Technologies Inc1.38+0.00
Cantex0.035+0.005
Anavex Life Sciences0.43+0.01
Metalex Ventures0.095+0.000
Russel Metals27.16+0.41
Copper Mountain Mining1.15+0.06
Colorado Resources0.095+0.000
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.20+0.00
Decisive Dividend Corporation1.80+0.10

 



25925

FEATURED Property
21907294058 Lakeshore Road
2 bedrooms 2 baths
$469,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...


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...

_



25979

26091


Member of BC Press Council


25541