Wednesday, August 20th25.8°C
22938

Crude up for first time in 2 weeks; analysts don't rule out further price drops

The price of oil rose for the first time in two weeks Thursday despite analyst concern that the bottom has yet to be reached amid ample and increasing supplies on world markets.

Benchmark West Texas Intermediate crude for August delivery gained 64 cents to US$102.93 a barrel on the New York Mercantile Exchange.

Brent crude, a benchmark for international oils, rose 54 cents to US$109.01 on the ICE Futures exchange in London.

Oil fell to a two-month intraday low of $101.55 in the morning, but rallied as U.S. equities markets recovered from steep morning losses.

Oil rose earlier this year, partly because worries about a possible threat to supplies from Iraq, the second-largest producer among the Organization of Petroleum Exporting Countries, amid rapid gains by insurgents. Shipments from Libya were also curtail as a result of a dispute between militants and the government.

However, Iraqi concerns have since faded as government forces moved to blunt the insurgent advance and an agreement between the government and militants in Libya promises to sharply increase exports there.

As a result, analysts cautioned that more price declines are possible.

"It is premature to suggest that a bottom has been placed," wrote Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, in a note to clients.

In other energy futures trading, wholesale gasoline rose two cents to US$2.96 a U.S. gallon (3.79 litres), heating oil added two cents to US$2.89 a gallon and natural gas fell five cents to US$4.12 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

21297


Recent Trending




Today's Market
S&P TSX15561.95+84.78
S&P CDNX996.70-0.86
DJIA16979.1359.54
Nasdaq4526.482-1.032
S&P 5001986.51+4.91
CDN Dollar0.9122-0.0021
Gold1288.40-6.70
Oil96.31+1.83
Lumber353.00+0.40
Natural Gas3.833-0.044

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.21+0.01
Cantex0.065-0.005
Anavex Life Sciences0.260.00
Metalex Ventures0.0850.00
Russel Metals37.45+0.23
Copper Mountain Mining2.92+0.15
Colorado Resources0.185+0.015
ReliaBrand Inc0.085+0.008
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23+0.03

 



22439

FEATURED Property
19486854042 Pritchard Dr.
2 bedrooms 2 baths
$479,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cost of an Injury Lawyer

Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...


Managing a business in 40 hours a week

My screen printing business, like many others, started as a one-man operation. It was located in a small building, not much better than a shack, with a telephone, a big table where I ate lunch and (oc...


Going home to a bully!

Finally, after three months in New Brunswick, I am back home in the sunny Okanagan. It is a delight to be home and the lake, vistas, people and climate never disappoint. Like many people however, I...

_



22885

22885


Member of BC Press Council


22881