Monday, July 28th15.7°C
22568
22412

Crude oil rises to US$104 a barrel as report shows large drop in U.S. supplies

The price of oil climbed to a one-month high Wednesday after a report showed a large drop in U.S. crude supplies, helped by a decline in imports.

Benchmark West Texas Intermediate crude for July delivery gained $1.74 to close at US$104.07 a barrel on the New York Mercantile Exchange. Oil now is up four per cent for the month of May.

Brent crude, a benchmark for international oil, added 86 cents to US$110.55 a barrel on the ICE Futures exchange in London.

A report from the U.S. Energy Department showed a drop of 7.2 million barrels in U.S. crude oil supplies for the week ended May 16, compared with an expectation of a decline of 300,000 barrels by analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos.

Imports fell by 658,000 barrels.

Oil prices were also supported by political instability in Libya, usually a key supplier to European refineries, and the conflict in eastern Ukraine between the government and pro-Russia separatists ahead of presidential elections on Sunday.

In other energy futures trading on the Nymex, wholesale gasoline gained three cents to US$2.99 a U.S. gallon (3.79 litres), heating oil was flat at US$2.95 a gallon and natural gas fell eight cents to US$4.47 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

22315


Recent Trending




Today's Market
S&P TSX15413.50-41.54
S&P CDNX1018.551.11
DJIA16883.34-77.23
Nasdaq4415.005-34.559
S&P 5001967.48-10.86
CDN Dollar0.9250+0.0004
Gold1305.20+2.10
Oil104.30-0.29
Lumber322.50-3.00
Natural Gas3.832+0.051

 
Okanagan Companies
Pacific Safety0.195+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.08+0.01
Anavex Life Sciences0.275-0.005
Metalex Ventures0.08+0.01
Russel Metals35.16-0.20
Copper Mountain Mining2.79-0.03
Colorado Resources0.21+0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.19+0.01

 



22439

FEATURED Property
1337928305-1229 Bernard Ave.
2 bedrooms 2 baths
$201,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...

_








Member of BC Press Council


22758