Sunday, January 25th1.8°C
24779
24466

Oil above US$101 a barrel; investors weigh Russia sanctions, rising supplies

NEW YORK, N.Y. - The price of oil crept above US$101 a barrel Tuesday as investors assessed the latest sanctions on Russia over the country's role in the crisis in Ukraine.

Benchmark West Texas Intermediate crude for June delivery gained 44 cents to close at US$101.28 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark used to price oil used by many U.S. refineries, rose 86 cents to US$108.98 in London.

Investors were contemplating the impact of new sanctions by the United States and its European allies on more than two dozen government officials, executives and companies in Russia, a major energy producer. The sanctions were not as harsh as feared, with no public companies or major sectors of the economy affected.

"While the crisis has had limited impact on energy flows so far, the tensions may presage a period of volatile geopolitics in the former Soviet Union," analysts at Barclay's wrote in a report.

Investors will also be monitoring fresh information on U.S. stockpiles of crude oil and refined products. They will also weigh key data on the U.S. job market, as payroll processing company ADP issues a report Wednesday and the U.S. governments issues its unemployment report for April on Friday.

U.S. crude stocks have been on the climb and were 13 per cent above five-year averages two weeks ago.

Figures for the week ended April 25 are expected to show an increase of 2.1 million barrels in crude oil stocks and a decline of 1.75 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

In other energy futures trading on Nymex, wholesale gasoline rose two cents to US$3.06 a U.S. gallon (3.79 litres), heating oil added two cents to US$2.97 a gallon and natural gas gained three cents to US$4.83 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

24667


Recent Trending




Today's Market
S&P TSX14779.35+15.369
S&P CDNX678.18-0.79
DJIA17672.60-141.38
Nasdaq4757.879+7.481
S&P 5002051.82-11.33
CDN Dollar0.8029-0.001
Gold1292.60-2.00
Oil46.35-2.34
Lumber311.50+6.50
Natural Gas2.986+0.132

 
Okanagan Companies
Pacific Safety0.115-0.005
Knighthawk0.010.00
QHR Technologies Inc1.38+0.06
Cantex0.035+0.005
Anavex Life Sciences0.1810.00
Metalex Ventures0.040.00
Russel Metals24.48+0.32
Copper Mountain Mining1.10-0.02
Colorado Resources0.155+0.005
ReliaBrand Inc0.006+0.001
Sunrise Resources Ltd0.055+0.03
Mission Ready Services0.22+0.02

 



23015

FEATURED Property
2127954626 Winnipeg Street
2 bedrooms 1 baths
$349,950
more details
image2image2image2
Click here to feature your property
Please wait... loading


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...


Ailing Parents: Tax Issues

If your parent has become ill, there can be several tax issues that come into play depending on the nature of their illness, their age and the role that family members are playing. For example, if you...


What do I pay ICBC for anyway?

If you have had ongoing dealings with ICBC as a result of a car accident than you have likely had the pleasure of dealing with at least two sides of ICBC. Initially the relationship starts off pleasan...

_



24709




Member of BC Press Council


24975