Oil prices nudge up
Oct 12, 2012 / 6:32 am
The price of oil rose above US$92 a barrel Friday after a big drop in U.S. unemployment benefit claims suggested some improvement in the world's biggest economy, raising expectations for increased demand for energy.
By early afternoon in Europe, benchmark West Texas Intermediate crude for November delivery was up 21 cents at US$92.28 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained 82 cents to close at US$92.07 per barrel in New York on Thursday.
Brent crude, which is used to price international varieties of oil, was down 53 cents at US$115.18 on the ICE Futures exchange in London.
The U.S. Labour Department said Thursday that applications for unemployment benefits fell last week to 339,000. That's the lowest in more than four years. If sustained, the lower level could signal stronger hiring.
"We're going to look for more workers and consumers driving and more diesel demand from manufacturers and retailers delivering," said Carl Larry, president of Oil Outlooks and Opinions.
Oil prices rose Thursday as tension between Turkey and Syria raised concerns that crude oil supplies from the Middle East could be disrupted.
Read more Business News
|QHR Technologies Inc||0.61||+0.06|
|Anavex Life Sciences||0.55||0.00|
|Copper Mountain Mining||1.62||+0.10|
The majority of Canadians prefer to make their big move during the summer season. There are a variety of reasons for choosing this time of year: it is easier to transport boxes in non-icy condition...
It appears as though more people these days are looking for an investment in real estate which offers cash flow returns. The fundamentals of cash flow type properties had been turned upsi...
Getintheloop Marketing Ltd. recently launched their membership platform, Getintheloop.ca. The new website offers an exclusive members area for access to discounts in the South Okanagan on premium res...
- Bangladesh to raise wages
- Open for business
- 'Gatsby' earns $51.1M, 'Iron Man' $72.5M
- Chrysler recalls nearly 470,000 SUVs
- Bell not interested in selling more Astral
- Loonie dips over a quarter
- Taxman and the offshore tax havens
- Sharktopus views turns on YouTube TV
- Social media makes Disney blink
- BCE looks to cut $170 million
- TD Bank: Loonie could fall to 90 cents US
- Mixed results for North American markets