Wednesday, October 22nd9.3°C
23840
23129

Oil futures slip as risks of supply disruptions in Iraq continue to fade

The price of oil slipped again Thursday as the risk of supply disruptions in Iraq faded and key export terminals in Libya were expected to reopen.

Benchmark West Texas Intermediate crude for August delivery fell 42 cents to US$104.06 a barrel on the New York Mercantile Exchange, its sixth consecutive day of decline. On Wednesday, the contract fell 86 cents to $104.48.

Brent crude, a benchmark for international oils, fell 24 cents to US$111 a barrel in London.

Oil prices in recent weeks have largely been driven by concerns that violence in Iraq, OPEC's second-largest producer, would disrupt supplies. Oil reached a 10-month closing high of US$107.26 on June 20.

The al-Qaida-inspired Islamic State of Iraq and the Levant has rampaged across Iraq in recent weeks, feeding off the chaos of neighbouring Syria's civil war to seize control of a large chunk of territory in Iraq and effectively erasing the border between the two countries.

Despite the chaos, Iraqi oil production continues and prices began to stabilize when the militants' advance appeared to have slowed after encountering stiff resistance in Shiite-majority regions of Iraq.

Meanwhile, an agreement in Libya between the central government and a regional militia was expected to lead to the reopening of two eastern oil terminals that would boost the country's crude exports by about 500,000 barrels a day.

Olivier Jakob of Petromatrix in Switzerland said that since the start of the crisis in Iraq, "the crude oil market has seen no interruption of supply from the south of Iraq, an increase of supply from the north of Iraq (Kurdistan) and the re-opening of ports in Libya."

In other energy futures trading on the Nymex, wholesale gasoline was little changed at US$3.02 a U.S. gallon (3.79 litres), heating oil fell two cents to US$2.93 a gallon and natural gas rose five cents to US$4.41 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 TSX14312.07-235.64
S&P CDNX808.00-14.28
DJIA16461.32-153.49
Nasdaq4382.847-36.632
S&P 5001927.11-14.17
CDN Dollar0.8882-0.0012
Gold1242.20-3.30
Oil80.01-0.12
Lumber330.40+1.70
Natural Gas3.65-0.009

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.055-0.025
Anavex Life Sciences0.198+0.006
Metalex Ventures0.05+0.005
Russel Metals32.53-0.56
Copper Mountain Mining2.10-0.07
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.405-0.055

 





FEATURED Property
1861463414 Morden Road
3 bedrooms 3 baths
$664,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22620