Monday, July 28th15.6°C
21450
22156

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




Recent Trending




Today's Market
S&P TSX15413.50-41.54
S&P CDNX1018.551.11
DJIA16883.34-77.23
Nasdaq4415.005-34.559
S&P 5001967.48-10.86
CDN Dollar0.9250+0.0004
Gold1305.20+2.10
Oil104.30-0.29
Lumber322.50-3.00
Natural Gas3.832+0.051

 
Okanagan Companies
Pacific Safety0.195+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.08+0.01
Anavex Life Sciences0.275-0.005
Metalex Ventures0.08+0.01
Russel Metals35.16-0.20
Copper Mountain Mining2.79-0.03
Colorado Resources0.21+0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.19+0.01

 



22557

FEATURED Property
20245852237 Dedney Rd.
$622,200
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...

_








Member of BC Press Council


22685