Saturday, November 1st3.7°C
23710
22952

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

23718


Recent Trending




Today's Market
S&P TSX14613.32+154.63
S&P CDNX769.59-2.06
DJIA17390.52195.10
Nasdaq4630.742+64.604
S&P 5002018.05+23.40
CDN Dollar0.88750.00
Gold1166.30-32.2999
Oil80.55-0.35
Lumber325.70+2.10
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.125+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.18+0.03
Cantex0.045-0.015
Anavex Life Sciences0.185+0.0139
Metalex Ventures0.03-0.005
Russel Metals32.85+0.63
Copper Mountain Mining2.09+0.12
Colorado Resources0.125-0.015
ReliaBrand Inc0.015+0.003
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.39+0.015

 



22364

FEATURED Property
20973055009 Twinflower Court
2 bedrooms 2 baths
$489,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


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...

_



23884

23884


Member of BC Press Council


23911