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

The Canadian Press - ONLINE EDITION

Crude up for first time in 2 weeks; analysts don't rule out further price drops

The price of oil rose for the first time in two weeks Thursday despite analyst concern that the bottom has yet to be reached amid ample and increasing supplies on world markets.

Benchmark West Texas Intermediate crude for August delivery gained 64 cents to US$102.93 a barrel on the New York Mercantile Exchange.

Brent crude, a benchmark for international oils, rose 54 cents to US$109.01 on the ICE Futures exchange in London.

Oil fell to a two-month intraday low of $101.55 in the morning, but rallied as U.S. equities markets recovered from steep morning losses.

Oil rose earlier this year, partly because worries about a possible threat to supplies from Iraq, the second-largest producer among the Organization of Petroleum Exporting Countries, amid rapid gains by insurgents. Shipments from Libya were also curtail as a result of a dispute between militants and the government.

However, Iraqi concerns have since faded as government forces moved to blunt the insurgent advance and an agreement between the government and militants in Libya promises to sharply increase exports there.

As a result, analysts cautioned that more price declines are possible.

"It is premature to suggest that a bottom has been placed," wrote Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, in a note to clients.

In other energy futures trading, wholesale gasoline rose two cents to US$2.96 a U.S. gallon (3.79 litres), heating oil added two cents to US$2.89 a gallon and natural gas fell five cents to US$4.12 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

Election 2014
Brandon Sun Business Directory
The First World War at 100
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates