Friday, August 28th19.8°C
27214
27267

Crude oil price steady as investors monitor impact of Iraqi insurgency

The price of oil was steady Tuesday as investors monitored the insurgency in Iraq for any signs it could affect its oil production and exports.

Islamic militants have been steadily expanding their grip on the country's north, where they control a broad swath of territory. But the bulk of the country's production and export operations are in the south, which have so far been spared in this month's advance by the al-Qaeda-inspired group.

Iraq's daily oil production hit 3.5 million barrels this year, up from nearly 2.4 million a day in 2009.

Benchmark West Texas Intermediate crude for August delivery dropped 14 cents to US$106.03 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 34 cents to US$114.46 a barrel in London.

The head of Organization of Petroleum Exporting Councties said Tuesday that the recent rise in crude oil prices is to blame on market fears and speculation, rather than any drop in output from Iraq.

OPEC Secretary General Abdullah Al-Badry said Iraq is "still producing as normal," with 95 per cent of its capacity in the country's south being unaffected by the violence.

On Wednesday, traders will get the latest U.S. supply data from the Energy Department. Analysts are expecting the report to show that oil supplies fell by two million barrels last week, according to a survey by Platts.

In other energy futures trading on the Nymex, wholesale gasoline rose two cents to US$3.13 a U.S. gallon (3.79 litre), heating oil rose one cent to US$3.04 a gallon and natural gas rose nine cents to US$4.54 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

26764


Recent Trending




Today's Market
S&P TSX13865.07+98.40
S&P CDNX555.67+10.10
DJIA16643.01-11.76
Nasdaq4828.32+15.62
S&P 5001988.87+1.21
CDN Dollar0.75730.00
Gold1119.50-5.10
Oil45.26+2.70
Lumber237.20-9.70
Natural Gas2.719+0.055

 
Okanagan Companies
Pacific Safety0.165+0.005
Knighthawk0.010.00
QHR Technologies Inc1.29+0.05
Cantex0.04-0.01
Anavex Life Sciences1.34-0.05
Metalex Ventures0.055+0.000
Russel Metals21.41+0.43
Copper Mountain Mining0.64-0.01
Colorado Resources0.075-0.005
ReliaBrand Inc0.004-0.000
Sunrise Resources Ltd0.025+0.005
Mission Ready Services0.07+0.01
Decisive Dividend Corp2.75+0.14

 



27314

FEATURED Property
23469522630 Lakeview Road
3 bedrooms 3 baths
$775,000
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...

_



26509

27313


Member of BC Press Council


26785