Monday, December 22nd6.1°C
24563
24390

Oil stays above US$104 barrel; investors weigh effect of conflicts on supplies

The price of oil remained above US$104 a barrel Tuesday as investors weighed how conflicts in Ukraine and Libya were likely to affect crude supplies.

Benchmark West Texas Intermediate crude for July delivery fell 24 cents to US$104.11 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, dropped 30 cents to US$110.02 on the ICE Futures exchange in London.

Ukraine is a key conduit for Russian gas deliveries to Europe. A proposed solution to a dispute over Ukrainian natural gas debts to Moscow raised hopes that a supply cutoff would be averted. Russia's acceptance of Petro Poroshenko's victory in Sunday's presidential elections was also regarded as a sign of easing tensions.

But the resurgence of fighting, with the government in Kyiv launching an airstrike on pro-Russia separatists occupyin the airport in Donetsk, a city of about one million in eastern Ukraine, underscored the uncertainties that remain.

Meanwhile, in Libya, which has been unable to stabilize since the ouster of Moammar Gadhafi in 2011, the National Oil Corp. said crude exports stood at 160,000 barrels a day, down from 1.4 million barrels a day a year ago. Several key export facilities are controlled by militias who do not recognize the central government.

In other energy futures trading on the Nymex, wholesale gasoline fell three cents to US$3 a U.S. gallon (3.79 litres), heating oil slipped two cents to US$2.94 a gallon and natural gas rose 10 cents to US$4.51 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

24153


Recent Trending




Today's Market
S&P TSX14447.19-21.069
S&P CDNX672.16-4.38
DJIA17901.0096.20
Nasdaq4765.684+0.304
S&P 5002070.47-0.18
CDN Dollar0.8589-0.0028
Gold1189.40-6.50
Oil56.50+2.39
Lumber337.70-0.30
Natural Gas3.169-0.295

 
Okanagan Companies
Pacific Safety0.125+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.21-0.04
Cantex0.03-0.005
Anavex Life Sciences0.1712-0.0014
Metalex Ventures0.05-0.005
Russel Metals25.17-0.41
Copper Mountain Mining1.57+0.02
Colorado Resources0.11-0.01
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.02-0.03
Mission Ready Services0.23+0.015

 
23744


24387

FEATURED Property
2136178850 Saucier Avenue
1 bedrooms 2 baths
$245,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


First-time homebuyer mistakes

If you’re on the hunt for your first home and want to have a smooth and successful home purchasing experience avoid these common first-time homebuying mistakes.If you are looking for your first ...


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...

_



24386

24586


Member of BC Press Council


24409