Saturday, November 22nd2.8°C
24124
23943

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

24073


Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8901-0.0002
Gold1201.50+10.60
Oil76.72+0.87
Lumber331.50+4.50
Natural Gas4.236-0.253

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744


23872

FEATURED Property
10782427-3304 Appaloosa Road
3 bedrooms 1 baths
$329,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24207

24158


Member of BC Press Council


23369