Friday, August 29th18.7°C
22568
22455

Oil rises past $104 a barrel as Ukraine jiggers offset large rise in US crude supplies

NEW YORK, N.Y. - The price of oil rose past US$104 per barrel Thursday on worries over the upheaval in Ukraine.

Benchmark West Texas Intermediate crude for May delivery rose 54 cents to close at US$104.30 a barrel in New York.

Supplies in the U.S. are ample — the Energy Department reported the biggest gain in stocks in 13 years on Wednesday. But that wasn't enough to calm the fears of traders this week, who worry that Russia's actions in response to the turmoil in Ukraine could be met with sanctions that disrupt exports of Russia's oil and gas.

Despite indications of a possible diplomatic solution to the crisis in Ukraine Thursday, traders remained concerned that the situation could worsen over the coming long weekend and were reluctant to sell oil.

Oil markets are closed Friday.

Energy Analyst Jim Ritterbusch expects oil prices to quickly fall back next week if the Ukraine crisis does not worsen. "We still expect some downside rotation through the balance of this month," he wrote in a note to investors.

Brent crude, an international benchmark used to price oil used by many U.S. refineries, was down seven cents to close at US$109.53 a barrel for June delivery in London.

The price of natural gas surged nearly five per cent Thursday after the U.S. Energy Department reported that U.S. storage levels rose less than analysts had expected. Natural gas for May delivery rose 21.1 cents to US$4.741 per 1,000 cubic feet.

In other energy futures trading on the Nymex, wholesale gasoline rose 1.4 cents to close at US$3.055 a U.S. gallon (3.79 litre) and heating oil fell 0.1 cent to close at US$3.001 a gallon.

(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

22587


Recent Trending




Today's Market
S&P TSX15616.83+58.66
S&P CDNX1022.400.03
DJIA17098.3818.81
Nasdaq4580.271+22.577
S&P 5002003.36+6.62
CDN Dollar0.9197-0.0011
Gold1281.70-2.1001
Oil95.88+1.33
Lumber349.60+2.60
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.17-0.02
Cantex0.08+0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.0750.00
Russel Metals36.46+0.07
Copper Mountain Mining2.92+0.01
Colorado Resources0.180.00
ReliaBrand Inc0.10+0.001
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.245-0.005

 



22895

FEATURED Property
1984057253-2001 Highway 97 S
3 bedrooms 2 baths
$87,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...

_








Member of BC Press Council


22097