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Oil price gains in New York

Agence France-PresseMay 10, 2013 16:20

New York oil prices pushed higher Wednesday even as the weekly US stockpiles report showed crude stores at their highest level in 31 years. New York's main contract, West Texas Intermediate crude for June delivery, added one dollar even per barrel to finish at $96.62. In London, Brent North Sea oil for June was little changed, giving up six cents to $104.34 per barrel. Analysts had expected a much larger rise in the US commercial crude stocks than the 200,000 barrel increase that came in.

Commodities trade mixed; oil hit by rising US reserves

Agence France-PresseMay 10, 2013 16:10

Global commodities traded with mixed results this week, with oil dented by record-high US crude reserves and the strong dollar, while investors braced for the results of a two-day finance meeting of the Group of Seven (G7) highly industrialised economies. Some commodities gained ground after positive economic data out of the United States and Germany,which also helped push the US and Frankfurt stock markets to record peaks.

Oliver hurls more insults as he ends oilsands promotion tour through Europe

The Canadian PressMay 10, 2013 14:00

OTTAWA - Just as Prime Minister Stephen Harper heads to the United States to win over hearts and minds on Canada's pipeline plans, his natural resources minister is wrapping up a similar tour in Europe by lobbing insults at oilsands critics. In a conference call Friday from London, Joe Oliver dismissed suggestions that the government's transcontinental public-relations press on energy and the environment is a sign of desperation in Ottawa.

Oil down in Asia on US stockpiles gain, stronger dollar

Agence France-PresseMay 10, 2013 12:29

Crude prices were lower in Asian trade Friday on a rise in US stockpiles, with the strong dollar also putting pressure on prices, analysts said. New York's main contract, light sweet crude for delivery in June shed 24 cents to $96.15 a barrel and Brent North Sea crude for June delivery was down 20 cents to $104.27 in morning trade. "The main downside factor on prices right now is the huge oversupply in the United States," Kelly Teoh, market strategist at IG Markets in Singapore, told AFP.

Alberta regulator says convention crude oil production and reserves way up

The Canadian PressMay 10, 2013 06:18

CALGARY - Alberta's energy regulator says higher oil prices and new technology have led to the largest increase in decades of both conventional oil production and reserves. In its latest report the Energy Resources Conservation Board records a 14 per cent increase in production in 2012 and 9.5 per cent increase in reserves over 2011 levels, due to the higher production rates from horizontal wells. Alberta's crude oil production totalled 556,000 barrels of oil per day with a yearly total of 204 million barrels.

Oil falls below $96 per barrel as dollar rises

The Canadian PressMay 9, 2013 17:45

BANGKOK - The price of oil fell below US$96 per barrel Friday after signs of improvement in U.S. employment sparked speculation that the Federal Reserve might scale back its aggressive monetary policy. Benchmark crude for June delivery was down 53 cents to $95.86 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contact lost 23 cents to finish at $96.39 a barrel on the Nymex on Thursday.

Brent oil prices slip on US energy report

Agence France-PresseMay 8, 2013 15:45

Brent oil prices dipped on Wednesday after a key US report showed that crude stockpiles had soared again last week to their highest level in 30 years. Brent North Sea crude for delivery in June dropped 57 cents to $103.83 per barrel in London late afternoon deals. New York's main contract, light sweet crude for June meanwhile rose 32 cents to $95.54 a barrel. "Crude oil prices came under renewed pressure with Brent oil retreating below $104 per barrel, following another build in crude oil stocks," said analyst Myrto Sokou at London-based brokerage Sucden Financial.

Oil rises above $96 as US supplies rise less than expected, dollar weakens

The Canadian PressMay 8, 2013 09:35

Oil climbed to its highest price in more than a month on Wednesday, after the government reported U.S. crude supplies increased less than analysts expected. In New York, benchmark crude for June delivery rose US$1 to finish at $96.62 a barrel. It hasn't settled that high since April 2. The U.S. Energy Department said oil supplies grew last week by 200,000 barrels to 395.5 million barrels, which is 4.2 per cent above year-ago levels. Analysts were expecting an increase of 1.9 million barrels in the week ended May 3.

Company decisions hurt Poland's hopes for shale gas industry

The Canadian PressMay 8, 2013 09:34

WARSAW, Poland - News that Talisman Energy Inc. and Marathon Oil are pulling out of exploration for shale gas in Poland is a blow to the country's hopes that its deposits of the hydrocarbon will soon cut its dependence on Russian supplies and support the weakening economy.

Oil slips on expectation U.S. supplies are growing and report on Saudis output

The Canadian PressMay 7, 2013 06:00

NEW YORK, N.Y. - The price of oil fell Tuesday on expectations of another increase in U.S. oil supplies. West Texas Intermediate, the benchmark crude in the U.S., fell 54 cents to finish at US$95.62 per barrel on the New York Mercantile Exchange. The U.S. Energy Department releases its weekly report on U.S. oil inventories Wednesday. Addison Armstrong, senior director of market research at Tradition Energy, expects supplies rose by 2.8 million barrels in the week ended May 3. Analysts surveyed by Platts expect an increase of 1.9 million barrels.