Thursday, July 2nd32.7°C
26667
26096

Oil falls closer to US$103 a barrel as supply fears continue to recede

The price of oil slipped closer to $103 a barrel Tuesday as concerns about supply disruptions continued to fade.

Benchmark West Texas Intermediate crude for August delivery fell 13 cents to close at US$103.40 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.30 to close at US$108.94 on the ICE Futures exchange in London.

Oil has been falling steadily since it hit a 10-month closing high of $107.26 on June 20 as a string of victories by Iraqi insurgents that raises fears for Iraqi oil exports. However, those fears have since receded as the Iraqi government has since blunted their advance. Meanwhile, an agreement in Libya between the central government and a regional militia is clearing the way for more exports there.

"The imminent return of Libyan supply to the market is continuing to weigh on prices," said analysts at Commerzbank in Frankfurt in a note to clients.

U.S. crude production, meanwhile, is at its highest in about two decades.

Investors now await information being released Wednesday by the Energy Information Administration on U.S. stockpiles of crude and refined fuels.

Data for the week ended July 4 is expected to show declines of three million barrels in crude oil stocks and of one million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

In other energy futures trading on the Nymex, wholesale gasoline fell 1.6 cents to close at US$2.973 a U.S. gallon (3.79 litres), heating oil fell four cents to US$2.874 a gallon and natural gas fell 2.1 cents to US$4.204 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

26594


Recent Trending




Today's Market
S&P TSX14637.99+84.66
S&P CDNX671.58+0.09
DJIA17730.11-27.80
Nasdaq5009.21-3.91
S&P 5002076.78-0.64
CDN Dollar0.7973-0.0034
Gold1165.70-3.30
Oil57.20-0.50
Lumber288.40+0.40
Natural Gas2.831+0.048

 
Okanagan Companies
Pacific Safety0.165+0.005
Knighthawk0.010.00
QHR Technologies Inc1.55+0.03
Cantex0.05+0.01
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.87+0.14
Copper Mountain Mining1.14-0.02
Colorado Resources0.065-0.015
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.16-0.03
Decisive Dividend Corporation2.50+0.42

 





FEATURED Property
23443081329 Richmond
$690,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_





26376


Member of BC Press Council


26916