Monday, November 24th-1.1°C
23286
23371

Crude prices lower for third straight day as Iraqi situation stabilizes

The price of oil declined for the third straight day Monday on signs that the insurgency in Iraq has been slowed and may be turned back.

Benchmark West Texas Intermediate crude for August delivery fell 37 cents to close at US$105.37 a barrel on the New York Mercantile Exchange. The contract has fallen for three consecutive days and five out of the last six trading days after closing at 10-month high of US$107.26 on June 20.

Brent crude, used to price international oils used by many U.S. refineries, fell 94 cents to close at US$112.36 a barrel in London.

The price of oil rose in recent weeks as investors worried that the surge of violence in OPEC's second-largest exporter might reduce global crude supplies.

While the situation in Iraq is far from resolved, it appears less likely that the insurgency will spread to important oil-producing regions in the south.

"Additional price gains have proven extremely difficult especially with Iraq seeing some evidence of (a) semblance of stability," wrote energy analyst Jim Ritterbusch in a report Monday. He also noted that oil prices were pressured by reports that Libyan crude production is edging higher and that the country's biggest export terminal could reopen in August.

On Tuesday, a preliminary reading of Chinese factory activity will give investors the latest gauge of economic activity — and potential oil demand — in China, the world's biggest oil importer.

In other energy futures trading on the Nymex, wholesale gasoline fell 3.1 cents to close at US$3.043 a U.S. gallon (3.79 litres), heating oil fell 2.8 cents to close at US$2.975 a gallon and natural gas rose 5.1 cents to close at US$4.44 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

22899


Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8889-0.0007
Gold1197.00-0.70
Oil76.27-0.24
Lumber331.00+4.50
Natural Gas4.055-0.211

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
24130


23967

FEATURED Property
2101469205 - 1957 Kane Road
2 bedrooms 2 baths
$262,500
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...

_



24158

24119


Member of BC Press Council


22632