Friday, February 27th8.2°C
25154
25158

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 TSX15234.34-6.82
S&P CDNX706.73+5.80
DJIA18132.70-81.72
Nasdaq4963.528-24.362
S&P 5002104.50-6.24
CDN Dollar0.7996+0.0004
Gold1203.00+6.10
Oil51.92+1.53
Lumber296.70+1.20
Natural Gas2.895-0.007

 
Okanagan Companies
Pacific Safety0.12+0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.03
Cantex0.035-0.005
Anavex Life Sciences0.190.00
Metalex Ventures0.035-0.005
Russel Metals25.38+0.08
Copper Mountain Mining1.30+0.04
Colorado Resources0.15+0.015
ReliaBrand Inc0.008-0.0007
Sunrise Resources Ltd0.05+0.015
Mission Ready Services0.235+0.025

 





FEATURED Property
2201916304 Phipps Crescent
6 bedrooms 5 baths
$549,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...

_








Member of BC Press Council


24843