Monday, September 22nd11.6°C
23284
22455

Oil rises above US$103 a barrel after fall in supplies at key trading hub

The price of oil rose above US$103 barrel Thursday on a drop in supplies at the main U.S. oil trading hub and signs of growing gasoline demand in the United States.

Benchmark West Texas Intermediate crude for July delivery rose 86 cents to close at US$103.58 a barrel on the New York Mercantile Exchange. On Wednesday, the Nymex contract dropped $1.39 to close at US$102.72.

Brent crude, a benchmark for international oil used by many U.S. refineries, rose 16 cents to close at US$109.97 a barrel in London.

The Energy Department said Thursday that U.S. supplies fell by 1.5 million barrels last week in Cushing, Okla., where U.S. benchmark crude is priced, although overall U.S. inventories rose by 1.7 million barrels.

Gasoline supplies fell by 1.8 million barrels, suggesting demand for fuel is strong and refiners will need to buy more oil to keep up.

Internationally, prices were still supported by the crisis in eastern Ukraine, where pro-Russia rebels shot down a government military helicopter, killing 14 soldiers. Ukraine is a main transit route for Russian energy shipments to Europe.

In other energy futures trading on the Nymex, wholesale gasoline was rose 0.8 of a cent to close at US$2.996 a U.S. gallon (3.79 litres), heating oil fell a penny to close at US$2.920 a gallon and natural gas fell 5.6 cents to close at US$4.559 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




Recent Trending




Today's Market
S&P TSX15265.35-200.19
S&P CDNX955.06-10.73
DJIA17279.7413.75
Nasdaq4579.789-13.637
S&P 5002010.40-0.96
CDN Dollar0.9114-0.001
Gold1215.50-1.10
Oil91.92-0.49
Lumber329.00-0.90
Natural Gas3.901-0.002

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.37+0.05
Cantex0.05-0.01
Anavex Life Sciences0.223-0.0031
Metalex Ventures0.060.00
Russel Metals35.75-1.26
Copper Mountain Mining2.66-0.02
Colorado Resources0.165-0.01
ReliaBrand Inc0.0249+0.0009
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.29-0.01

 



22908

FEATURED Property
17859801219 Sunnybrae Road, West Kelowna, BC
4 bedrooms 4 baths
$1,595,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Is this a fair offer from ICBC?

“Is this a fair offer from ICBC?”…. “How much should I settle for?”… “What is my claim worth?” These are just some of the questions I regularly get as...


Disruptive innovation

Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...

_



23448




Member of BC Press Council


22755