Friday, August 1st31.8°C
22663
21739

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 TSX15215.26-115.471
S&P CDNX1000.63-0.89
DJIA16493.37-69.93
Nasdaq4352.639-17.134
S&P 5001925.15-5.52
CDN Dollar0.9158-0.0003
Gold1293.10+11.7999
Oil97.85-0.32
Lumber325.20+0.80
Natural Gas3.73-0.017

 
Okanagan Companies
Pacific Safety0.180.00
Knighthawk0.01-0.005
QHR Technologies Inc1.20-0.01
Cantex0.085+0.02
Anavex Life Sciences0.255-0.007
Metalex Ventures0.14+0.06
Russel Metals34.94-0.29
Copper Mountain Mining2.67-0.08
Colorado Resources0.185-0.02
ReliaBrand Inc0.15+0.05
Sunrise Resources Ltd0.035+0.005
Mission Ready Services0.155+0.005

 



21919

FEATURED Property
1874942CUSTOM BUILT RANCHER IN UPPER FINTRY
$347,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Jobs, jobs, jobs galore

On March 6, 2010 a bridge in Turku, Finland bent 56 inches (143 centimeters) due to structural failures of both piers. No one was injured. The bridge had to be demolished 4 months later. Our infrast...


The rewards of listening

Eighty percent of our success in learning from other people is based on how well we listen. Other people’s experience can be enormously helpful. With it we can often overcome time restraints and...


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...

_








Member of BC Press Council