Sunday, July 5th20.2°C
26667
26015

Oil hits 3-month high on strong China exports, Japan economic growth

Oil prices rose Monday as positive news on exports from China and economic growth in Japan followed last week's solid jobs report in the United States.

Benchmark West Texas Intermediate crude for July delivery gained $1.75 to close at US$104.41 a barrel on the New York Mercantile Exchange. That's the highest closing price since March 3.

Brent crude, a benchmark for international oils, rose $1.29 to US$109.15 a barrel in London.

China reported Sunday that exports rose seven per cent in dollar terms in May, up from a 0.9 per cent increase in April that followed slumps in February and March.

The surge in exports reinforced confidence that the U.S. and European recoveries will drive stronger demand for commodities, including oil.

Japan raised its estimate for economic growth in the January-March quarter to 6.7 per cent from 5.9 per cent, as investment by companies was stronger than first thought.

On Friday, U.S. employment figures also suggested stronger demand for oil. Employers added 217,000 jobs in May, the fourth straight month of decent growth.

In other energy futures trading on Nymex, wholesale gasoline gained five cents to US$2.98 a U.S. gallon (3.79 litres), heating oil rose two cents to US$2.89 a gallon and natural gas fell seven cents to US$4.65 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 TSX14682.39+44.40
S&P CDNX670.58-1.00
DJIA17730.11-27.80
Nasdaq5009.21-3.91
S&P 5002076.78-0.64
CDN Dollar0.7955-0.0018
Gold1167.10+4.10
Oil56.20-1.41
Lumber288.50+0.40
Natural Gas2.77-0.05

 
Okanagan Companies
Pacific Safety0.17+0.00
Knighthawk0.010.00
QHR Technologies Inc1.52-0.03
Cantex0.035-0.015
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.78-0.09
Copper Mountain Mining1.17+0.03
Colorado Resources0.09+0.03
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.50

 





FEATURED Property
2314391616 Peridot Place
3 bedrooms 3 baths
$899,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_








Member of BC Press Council


26916