Thursday, October 23rd9.4°C
23711
23778

Libya expects to increase il exports; crude slips below US$104 a barrel

The price of oil slipped below US$104 a barrel Monday on expectations that Libya will soon boost its exports of crude.

Benchmark West Texas Intermediate crude for August delivery fell 53 cents to close at US$103.53 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 40 cents to close at US$110.24 in London.

An agreement in Libya between the central government and a regional militia is expected to lead to the reopening of two oil terminals that would boost the country's crude exports by about 500,000 barrels a day. Libya currently produces around 350,000 barrels of oil a day.

While some analysts said it was only a matter of days before crude shipments could be again on their way from the ports of Es Sider and Ras Lanuf, others were more cautious.

"We would not expect to see a resumption of exports from the facilities this month assuming that no field maintenance was done since the shutdown of close to one year," JBC Energy in Vienna said in a note to clients.

Oil prices have been slowly sliding since it reached a 10-month closing high of US$107.26 a barrel on June 20. Concerns were high then that insurgents in Iraq would be able to push into important oil-producing regions of the country and choke off supplies from OPEC's second-biggest exporter. As the Iraqi government has regained some control in recent days, those fears have waned and oil prices have dropped.

In other energy futures trading on the Nymex, wholesale gasoline fell 3.1 cents to close at US$2.989 a U.S. gallon (3.79 litres), heating oil fell 1.4 cents to US$2.915 a gallon and natural gas fell 18.1 cents to close at US$4.225 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

23433


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 Dollar0.8894-0.0001
Gold1242.90-2.60
Oil79.85-0.28
Lumber330.40+1.70
Natural Gas3.656-0.003

 
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
1538771515 Beaver Lake Road
3 bedrooms 2 baths
$151,900
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


23741