Sunday, July 5th16.7°C
26926
22748

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

26594


Recent Trending




Today's Market
S&P TSX14682.39+44.40
S&P CDNX670.58-1.00
DJIA17730.11-27.80
Nasdaq5009.21-3.91
S&P 5002076.78-0.64
CDN Dollar0.7955-0.0018
Gold1167.10+4.10
Oil56.20-1.41
Lumber288.50+0.40
Natural Gas2.77-0.05

 
Okanagan Companies
Pacific Safety0.17+0.00
Knighthawk0.010.00
QHR Technologies Inc1.52-0.03
Cantex0.035-0.015
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.78-0.09
Copper Mountain Mining1.17+0.03
Colorado Resources0.09+0.03
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.50

 





FEATURED Property
2336838COTTAGE AT VERANDA BEACH
$399,000
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...

_








Member of BC Press Council


26708