Friday, July 31st34.5°C
26622
24949

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




Recent Trending




Today's Market
S&P TSX14468.44+85.68
S&P CDNX594.31+6.01
DJIA17689.86-56.12
Nasdaq5128.28-0.50
S&P 5002103.84-4.79
CDN Dollar0.7639-0.0053
Gold1096.90+0.60
Oil47.20-1.71
Lumber252.30+0.50
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.42+0.00
Cantex0.035-0.005
Anavex Life Sciences0.92+0.12
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.79+0.01
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
23637182287 Selkirk Drive
4 bedrooms 3 baths
$699,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



26509

26509


Member of BC Press Council


26782