Wednesday, December 17th0.2°C
24563
23979

Oil jumps above $97 a barrel

The price of oil climbed above $97 a barrel Tuesday for the first time in four months, and analysts said it could go higher if upcoming reports on jobs and U.S. economic growth are positive.

Benchmark oil for March delivery rose $1.13, or 1.2 per cent, to close at $97.57 on the New York Mercantile Exchange. Oil hadn't closed above $97 in New York since Sept. 14. It is now up more than $5 a barrel this year.

This is a big week for U.S. economic indicators. So far investors, both in commodities and stocks, have embraced the positive reports while discounting the negative ones.

A report Tuesday showed U.S. home prices in November had the biggest year-over-year increase in six years, as evidence grows that the U.S. housing market is recovering. That outweighed a separate report that indicated higher taxes and an uncertain economic picture are sapping consumer confidence.

The government will also this week release the latest numbers on fourth-quarter growth, weekly jobless claims and January unemployment. If those reports suggest that the economy is strengthening and hiring is picking up, oil would likely add to its recent gains.

Oil has posted seven straight weekly gains, something not seen since 2009, noted Tom Kloza, chief oil analyst at Oil Price Information Service. He said the market "seems to want to move above $100" as investors buy on the recent momentum, a trend he refers to as "money chasing money."

Brent crude, used to price international varieties of oil, rose 88 cents to end at $114.36 a barrel on the ICE Futures exchange in London.

The Canadian Press


Read more Business News

24304


Recent Trending




Today's Market
S&P TSX14213.88+352.36
S&P CDNX659.00+16.65
DJIA17356.87288.00
Nasdaq4644.312+96.477
S&P 5002012.89+40.15
CDN Dollar0.8592+0.0004
Gold1200.40+6.10
Oil56.47-0.02
Lumber337.20+3.00
Natural Gas3.678-0.024

 
Okanagan Companies
Pacific Safety0.125+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.27+0.04
Cantex0.03-0.005
Anavex Life Sciences0.1659-0.0241
Metalex Ventures0.05-0.005
Russel Metals27.18+1.03
Copper Mountain Mining1.54+0.11
Colorado Resources0.105-0.005
ReliaBrand Inc0.0199+0.0065
Sunrise Resources Ltd0.055+0.005
Mission Ready Services0.22+0.02

 
24130


21297

FEATURED Property
1885299128 Sunset Ridge road
$22,800
more details
image2image2image2
Click here to feature your property
Please wait... loading


Managing your sales team

Managing a sales team can be quite a challenge. Harnessing individual personality preferences and getting everyone focused on the same goals, moving at the same pace, and working in collaboration to d...


Working under the table

They say there are only two things that are certain in life: death and taxes. Not exactly an uplifting thought, but true nonetheless. Some people try to avoid paying tax by “working under the ta...


Housing prices to skyrocket?

As most of you know, this column was started with a focus on Okanagan real estate. Over time, more and more columnists started covering the real estate sphere and so it morphed in to a personal colum...

_



24111




Member of BC Press Council