Tuesday, November 25th3.2°C
24124
24058

Oil prices push higher as Iraq refinery battle weighs on supply fears

The price of oil climbed Thursday as Iraqi troops and Islamic insurgents battled for control of the country's largest oil refinery.

By late Thursday the refinery remained in government hands. All of the facility's output is used domestically so crude production and exports aren't affected. But the violence underscores how the fighting may threaten the energy infrastructure that Iraq is rebuilding to meet global demand.

The price of U.S. benchmark West Texas Intermediate crude for July delivery rose 46 cents to $106.43 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 80 cents to US$115.06 a barrel in London, setting a fresh nine-month high.

On Thursday, President Barack Obama said he was dispatching up to 300 U.S. military advisers to help quell the insurgency in Iraq. Though not specifically mentioning airstrikes, Obama also said he was leaving open the possibility of "targeted and precise military action" in the future.

In other energy futures trading on the Nymex, wholesale gasoline rose three cents to US$3.13 a U.S. gallon (3.79 litres), heating oil rose one cent to US$3.05 a gallon and natural gas fell eight cents to US$4.58 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

24035


Recent Trending




Today's Market
S&P TSX15073.65+58.24
S&P CDNX780.64-6.86
DJIA17814.94-2.96
Nasdaq4758.252+3.36
S&P 5002067.03-2.38
CDN Dollar0.8879-0.0005
Gold1198.90+1.80
Oil73.92-0.17
Lumber328.30-2.70
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.32+0.04
Cantex0.040.00
Anavex Life Sciences0.175-0.005
Metalex Ventures0.030.00
Russel Metals32.14+0.65
Copper Mountain Mining2.15-0.02
Colorado Resources0.130.00
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.325-0.04

 
23744


23643

FEATURED Property
2072906454 Cavell Place
3 bedrooms 4 baths
$1,369,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...

_



24231

24119


Member of BC Press Council


22842