Tuesday, September 16th13.4°C
23373
20950

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

23171


Recent Trending




Today's Market
S&P TSX15510.54+27.98
S&P CDNX975.70-5.80
DJIA17131.97100.83
Nasdaq4552.759+33.856
S&P 5001998.98+14.85
CDN Dollar0.9114-0.0001
Gold1237.20+0.50
Oil94.77-0.11
Lumber349.00+1.00
Natural Gas4.044-0.019

 
Okanagan Companies
Pacific Safety0.175-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.01
Cantex0.06-0.01
Anavex Life Sciences0.250.00
Metalex Ventures0.06-0.005
Russel Metals35.95-0.22
Copper Mountain Mining2.69-0.01
Colorado Resources0.16+0.005
ReliaBrand Inc0.027+0.003
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.30+0.035

 



22378

FEATURED Property
1964512425 - 4205 Gellatly Road
3 bedrooms 4 baths
$1,075,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...


Brangelina and Celebrity vs Philanthropy

This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...

_








Member of BC Press Council


22814