Monday, August 31st15.6°C
27214
26337

Oil prices barely budge; lower World Bank forecast offsets dip in U.S. supplies

The price of oil bounced around before finishing with a slight gain Wednesday. U.S. supplies declined more than expected, but a reduction in the World Bank's estimate of global economic growth raised concerns about demand.

Benchmark West Texas Intermediate crude for July delivery rose five cents to US$104.40 a barrel on the New York Mercantile Exchange.

Brent crude, the benchmark for international varieties, gained 43 cents to US$109.95 a barrel on the ICE Futures exchange in London amid increased tensions in Iraq.

The U.S. Energy Department reported that oil supplies fell by 2.6 million barrels in the week ended June 6. Analysts had expected a decline of 1.2 million barrels, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The World Bank downgraded its forecast for the global economy this year, citing a bitter American winter and the political crisis in Ukraine. It now estimates growth of 2.8 per cent, down from a previous estimate of 3.2 per cent.

Geopolitical risks for energy markets were reinforced by al-Qaida inspired militants overrunning much of the Iraqi city of Mosul on Tuesday. Mosul is in an area that is usually — though not currently — a major gateway for Iraqi oil.

In other energy futures trading on Nymex, wholesale gasoline rose three cents to US$3 a U.S. gallon (3.79 litres), heating oil added two cents to US$2.90 a gallon and natural gas slipped two 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

27509


Recent Trending




Today's Market
S&P TSX13859.12-5.95
S&P CDNX559.48+3.49
DJIA16528.03-114.98
Nasdaq4776.51-51.82
S&P 5001972.18-16.69
CDN Dollar0.76130.00
Gold1140.10+8.50
Oil47.40-1.80
Lumber233.00-1.20
Natural Gas2.684-0.005

 
Okanagan Companies
Pacific Safety0.185+0.020
Knighthawk0.010.00
QHR Technologies Inc1.23-0.06
Cantex0.04-0.01
Anavex Life Sciences1.35+0.01
Metalex Ventures0.05-0.00
Russel Metals22.11+0.70
Copper Mountain Mining0.63-0.01
Colorado Resources0.075-0.005
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.02-0.01
Mission Ready Services0.085+0.015
Decisive Dividend Corp2.75+0.14

 



27194

FEATURED Property
2408053608 Arbor View Drive
5 bedrooms 4 baths
$899,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_








Member of BC Press Council


26780