Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

U.S. crude below US$106 on supply data, global crude rises on Iraq violence

The price of U.S. crude oil fell below US$106 per barrel Wednesday for the first time in a week on higher than expected supplies, but global crude rose to a nine-month high as an offensive by militants in Iraq continued.

Benchmark West Texas Intermediate crude for July delivery fell 39 cents to close at US$105.97 in New York.

Brent crude, a benchmark used to price international oil used by many U.S. refiners, rose 81 cents to close at US$114.26 a barrel in London, its highest level since September.

Brent's increase was fuelled by an attack by insurgents on Iraq's largest oil refinery. The refinery makes fuel for local consumption and none of the violence has threatened crude oil production or exports. But the upheaval is casting a shadow over future crude supplies from the country, which has been rebuilding its energy infrastructure.

In the United States, the Energy Department reported that supplies dropped by 600,000 barrels last week, much less than the decline of 1.4 million barrels expected by analysts, according to Platts, the energy information division of McGraw-Hill.

In other energy futures trading on the Nymex, wholesale gasoline rose 0.7 of a cent to US$3.098 a U.S. gallon (3.79 litres), heating oil rose 2.2 cents to US$3.040 a gallon and natural gas fell five cents to US$4.659 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)

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
The First World War at 100
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates