Wednesday, August 27th21.8°C
22817

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

22671


Recent Trending




Today's Market
S&P TSX15608.74-10.47
S&P CDNX1016.391.03
DJIA17119.8713.17
Nasdaq4571.287+0.65
S&P 5002000.37+0.35
CDN Dollar0.9183+0.0054
Gold1282.30-1.50
Oil93.52-0.34
Lumber349.30+0.10
Natural Gas3.925+0.014

 
Okanagan Companies
Pacific Safety0.19+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.07+0.005
Anavex Life Sciences0.24-0.01
Metalex Ventures0.07-0.005
Russel Metals36.58-0.04
Copper Mountain Mining3.05+0.02
Colorado Resources0.185+0.01
ReliaBrand Inc0.115+0.02
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.250.00

 



22852

FEATURED Property
18028302625 Ridgeview Road, West Kelowna, BC
6 bedrooms 6 baths
$1,195,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...

_








Member of BC Press Council


22837