Monday, March 2nd0.6°C
25327
25147

Oil slips slightly, but geopolitical tensions seen preventing any significant declines.

The price of oil fell slightly Tuesday but experts see geopolitical tensions preventing any significant short-term declines.

Benchmark West Texas Intermediate crude for August delivery fell 17 cents to US$104.42 a barrel on the New York Mercantile Exchange. The more heavily traded September contract slipped 47 cents to US$102.39.

Brent crude for September delivery, a benchmark for international oils, dropped 35 cents to US$107.33 on the ICE Futures exchange in London.

Fighting between the Israeli military and Palestinian militants in Gaza has added to the risk of instability in the oil-rich Middle East just as tensions have intensified between the West and Russia, a major oil and gas producer, over the Ukraine crisis.

European leaders are considering tougher sanctions against Russia for its backing of separatists accused of shooting down the Malaysia Airways passenger plane in Ukraine last week. The European Union's foreign ministers were meeting to discuss their next steps.

Investors will also be monitoring fresh information on U.S. stockpiles of crude and refined products.

Data for the week ended July 18 is expected to show a draw of 2.6 million barrels in crude oil stocks and a build of 1.2 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Financial.

In other Nymex trading, wholesale gasoline fell one cent to US$2.88 a U.S. gallon (3.79 litres), heating oil was flat at US$2.85 a gallon and natural gas dropped one cent to US$3.77 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

25103


Recent Trending




Today's Market
S&P TSX15250.74+16.40
S&P CDNX703.93-2.80
DJIA18248.45+115.75
Nasdaq4999.063+35.535
S&P 5002112.85+8.35
CDN Dollar0.7972-0.0024
Gold1203.00+6.10
Oil52.37+0.23
Lumber296.40-0.80
Natural Gas2.895-0.007

 
Okanagan Companies
Pacific Safety0.12+0.005
Knighthawk0.010.00
QHR Technologies Inc1.550.00
Cantex0.035-0.005
Anavex Life Sciences0.1876-0.0024
Metalex Ventures0.035-0.005
Russel Metals25.47+0.09
Copper Mountain Mining1.33+0.03
Colorado Resources0.135-0.015
ReliaBrand Inc0.008-0.0007
Sunrise Resources Ltd0.035-0.015
Mission Ready Services0.225-0.01

 



24353

FEATURED Property
2217075103-2205 Louie Drive
$429,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Refinance your mortgage?

Canadian Mortgage rates are low and could be dropping down in time for the spring market following a drop in the Bank of Canada Rate on January 21 by 1/4% which will save new buyers and those with mo...


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...

_








Member of BC Press Council


25107