The price of crude oil rose to a five-week high Wednesday amid unrest in eastern Ukraine, even as a report showed a large rise in U.S. supplies. Benchmark West Texas Intermediate crude for May delivery gained $1.04 to close at US$103.60 on the New York Mercantile Exchange. The contract, which gained $2.12 on Tuesday, last closed above $103 on March 4. Brent crude, used to set prices for international oil varieties, rose 31 cents to US$107.98 on the ICE Futures exchange in [Read more]
Petrolia boss says he’ll honour deal with Quebec to drill for oil on Anticosti
MONTREAL - Premier-designate Philippe Couillard may not be keen on the idea but Petrolia is ready to proceed with the former Parti Quebecois government's deal to explore Anticosti Island. Petrolia (TSX:PEA) president Myron Tetreault said during a speech to a Montreal business group today the oil company would respect agreements recently signed with Pauline Marois's government. Couillard had said during the election campaign he would like to see exploratory drilling suspended until a [Read more]
Former PM Brian Mulroney appeals for fearless leadership on resource agenda
OTTAWA - Brian Mulroney says the country needs risk-taking leadership to get domestic oil and gas moving overseas, as well as a plan to work co-operatively and bring Canadians onside.The former Tory prime minister's remarks Tuesday, in a speech organized by the progressive think tank Canada 2020, come as major pipeline projects languish in limbo.They have been stymied largely by opposition from First Nations, environmentalists and ordinary Canadians concerned with the impact on their [Read more]
Crude jumps above $102 a barrel on Ukraine unrest, lower forecast for US output
The price of oil climbed above US$102 a barrel Tuesday, supported by renewed unrest in eastern Ukraine and a lowered domestic production forecast from the U.S. Energy Department. Benchmark West Texas Intermediate crude for May delivery gained $2.12, or 2.1 per cent, to US$102.56 a barrel on the New York Mercantile Exchange, its highest closing price since March 7. Brent crude, used to set prices for international oil varieties, rose $1.85 to US$107.67 on the ICE Futures exchange in [Read more]
Quebec business community breathes sigh of relief at Liberal majority win
MONTREAL - Members of Quebec's business community breathed a collective sigh of relief Monday, hopeful that a majority Liberal government will herald an era of stability marked by new investments, jobs and real estate activity in the province."I think the business community will be pleased," said Yves-Thomas Dorval, president of the Quebec Employers Council."There was a question mark in the air and now a majority government will certainly provide a better, stable and foreseeable [Read more]
Oil slips under US$101 a barrrel amid hopes for increase in Libyan supplies
Crude oil fell below US$101 a barrel Monday following reports that four Libyan oil terminals under militia control could soon reopen and possibly boost global supplies.Benchmark West Texas Intermediate crude for May delivery slipped 70 cents to US$100.44 a barrel on the New York Mercantile Exchange. The price has hovered around US$100 a barrel for most of the past month.Brent crude, used to set prices for international varieties of oil, dropped 90 cents to US$105.82 a barrel on the ICE Futures [Read more]
Oil prices rise after US jobs report, but end slightly lower for the week
Oil prices rose slightly Friday after a monthly U.S. jobs report showed stronger hiring in the U.S. in recent months. Benchmark U.S. crude for May delivery rose 85 cents to close at $101.14 a barrel in New York. For the week, the contract fell 53 cents. The price has vacillated around $100 per barrel for most of the past month. Brent crude, used to set prices for international varieties of oil used by many U.S. refiners, rose 57 cents to close at $106.62 a barrel in London. The U.S. [Read more]
Missouri lawmakers target Obama with pro-Keystone resolution
JEFFERSON CITY, Mo. (AP) — Missouri lawmakers have passed a resolution encouraging President Barack Obama’s administration to approve a proposed oil pipeline route through the middle of the United States. The Senate approved the measure endorsing the Keystone XL pipeline with a 24-5 vote on Thursday. The same resolution passed the House earlier this year. Obama told a group of governors at a White House meeting in February that he expects to make a decision on the project’s future in a [Read more]
Justin Trudeau visits oil country, slams Tories, slams Harper, slams Canada’s environmental record
FORT MCMURRAY, Alta. - The leader of the federal Liberals says Canada is losing the credibility needed to secure approval for projects such as the Keystone XL pipeline because of its environmental record. Justin Trudeau says the idea that a government would have to choose between what's good for the economy and what's good for the environment is "an old way of thinking that no longer applies in the 21st century." He also slammed the Harper government for ignoring the environmental concerns [Read more]
Oil rises above $100 a barrel on anticipation of improved US jobs report; natural gas jumps
The price of oil rose as traders anticipated positive news in the monthly U.S. jobs report.Benchmark U.S. crude for May delivery gained 67 cents Thursday to close at $100.29 a barrel on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties of oil, rose $1.36 to $106.15 a barrel on the ICE exchange in London.The Labor Department releases its March employment report Friday. Economists project that employers added 191,000 workers last month, according to a [Read more]
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