Oil slips to near US$102 a barrel amid prospects of rising U.S. crude supplies
The price of oil fell two per cent to settle just above US$102 a barrel Tuesday as investors weighed expectations of rising U.S. crude stockpiles against tensions in Ukraine.
U.S. crude for May delivery dipped $2.24 a barrel to settle at US$102.13 in electronic trading on the New York Mercantile Exchange. On Monday, oil added seven cents to close at $104.37.
Brent crude, an international benchmark for oil, eased 68 cents to US$109.27 on the ICE Futures exchange in London.
Markets remain wary that possible new European or U.S. sanctions may disrupt Russian oil and gas exports. Pro-Russian insurgents in eastern Ukraine have occupied government buildings and set up checkpoints in demand of closer ties with Russia.
On Tuesday, U.S. Vice-President Joe Biden was in Kyiv, the capital of Ukraine, and called on Russia to work toward reducing tensions in the region.
In other energy futures trading in New York, wholesale gasoline was flat at US$3.10 a U.S. gallon (3.79 litres), heating oil lost one cent to US$3 a gallon and natural gas rose four cents to US$4.74 per thousand 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)
Read more Business News
- Family condemns RCMP BC
- Child pornography sentencePenticton / S. Okanagan
- Bobbitt hearing continuesPenticton / S. Okanagan
- Inquest into teen's Mill deathVernon / N. Okanagan
|QHR Technologies Inc||1.12||+0.01|
|Anavex Life Sciences||0.191||+0.001|
|Copper Mountain Mining||1.99||+0.05|
|Sunrise Resources Ltd||0.06||0.00|
|Mission Ready Services||0.45||0.00|
This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...
Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...
The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...