Sunday, October 26th8.8°C
23888
23823

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

23511


Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 





FEATURED Property
2093426express point road,scotch creek b.c
3 bedrooms 3 baths
$649,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


23091