Thursday April 17, 2014


question of the week

Survey results are meant for general information only, and are not based on recognised statistical methods.





Home »  News »  Business

Oil rises on hopes that resumption of 'fiscal cliff' talks in Washington will yield results

BANGKOK - Oil prices climbed Thursday as U.S. political leaders prepared for one last try at reaching a budget deal to avoid the so-called "fiscal cliff."

Benchmark oil for February delivery rose 21 cents at midday Bangkok time to US$91.19 per barrel in electronic trading on the New York Mercantile Exchange. Prices rose sharply Wednesday on higher U.S. home prices and hopes of a budget deal in Washington. The contract jumped $2.37, or 2.7 per cent, to finish at $90.98 per barrel in thin post-Christmas trading in New York.

President Barack Obama was returning to Washington on Thursday after a brief vacation to resume budget talks with Congress. Negotiations are aimed at avoiding the "fiscal cliff," the deep budget cuts and tax increases that would kick in on Jan. 1 and that some say would send the U.S. into another recession.

Later Thursday, the Conference Board will release its December survey of consumer confidence. The forecast is that the confidence index declined to a reading of 71 from 73.7 in November. A separate survey last week from the University of Michigan showed consumer confidence tumbled this month. Consumers may be starting to worry about whether Congress and Obama can reach a budget deal.

In London, Brent crude, used to price various kinds of foreign oil, fell 20 cents to $110.87 per barrel.

In other energy futures trading on the New York Mercantile Exchange:

--Heating oil fell marginally to $3.0348 a gallon.

--Wholesale gasoline rose 0.4 cents to $2.8199 a gallon.

--Natural gas fell 3.7 cents to $3.355 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.UN, TSX:CVE)


Comments


NOTE: To post a comment in the new commenting system you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Yahoo, OpenID. You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Coast Reporter welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

blog comments powered by Disqus


About Us | Advertising | Contact Us | Sitemap / RSS   Glacier Community Media: www.glaciermedia.ca    © Copyright 2014 Glacier Community Media | User Agreement & Privacy Policy
Business in Vancouver Whistler Question Squamish Chief Powell River Peak Real Estate Weekly My Local Flyers

LOG IN



Lost your password?