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 â€” though not currently â€” 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)
Read more Business News
- 22,000 still in the darkWest Kelowna
- Power outage pastimesWest Kelowna
- Students rally for classmateVernon / N. Okanagan
- Garage goes up in flamesCentral Okanagan
|QHR Technologies Inc||1.22||-0.04|
|Anavex Life Sciences||0.1804||-0.0036|
|Copper Mountain Mining||2.29||-0.13|
|Sunrise Resources Ltd||0.065||+0.045|
|Mission Ready Services||0.31||-0.01|
Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...
Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...
Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...