Oil prices climb on U.S. supply drop
Last Updated: Wednesday, August 27, 2008 | 3:56 PM ET
The Associated Press
Related
Internal Links
Oil prices are rising after the government reported that U.S. crude supplies fell unexpectedly last week.
The Energy Information Administration says crude stockpiles fell slightly by 100,000 barrels to 305.8 million barrels for the week ending Aug. 22. That compared with the 1.5 million-barrel increase forecast by analysts surveyed by Platts, an energy research firm.
The EIA also said gasoline stocks fell less than expected last week, dropping by 1.2 million barrels compared with the 2.8 million barrels analysts expected.
Supplies of distillates, which includes heating oil and diesel, were flat at 132.1 million barrels.
Light, sweet crude for October delivery rose $1.88 to settle at $118.15 a barrel on the New York Mercantile Exchange.
Share Tools
Top News Headlines
- Canadian Pacific strikers face back-to-work legislation
- Labour Minister Lisa Raitt is prepared to end the Canadian Pacific Railway strike if necessary, after both CP and the union rejected a proposal for voluntary arbitration by the government-appointed negotiator on Sunday. Raitt says she is "extremely disappointed." more »
- Quebec students and province to resume talks
- Quebec's university student federation has confirmed negotiations between student leaders and the provincial government will resume Monday afternoon. more »
- Tropical storm Beryl strikes southeast U.S. coast
- Tropical storm Beryl has arrived at the southeastern U.S. coast, bringing heavy rain, winds and the possibility of flooding. more »
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Syrian killings continue as Annan flies to Damascus
- International outrage against Syria intensified Monday, with China and Russia speaking out against the massacre of 108 people, including 49 children, in the town of Houla. more »
Latest Business Headlines
- Bankia asks Spain for €19B
- The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($24.5 billion Cdn) in financial support. more »
- EI reforms aim to boost employment, Flaherty says
- Finance Minister Jim Flaherty defended his government's proposals to change employment insurance, saying the aim is to remove "disincentives to employment." more »
- Employment Insurance review boards to be scrapped
- The federal government is scrapping two review boards used by people appealing decisions made about their employment insurance. more »
- Ottawa moves to limit foreign investment reviews
- The federal government is raising to $1 billion the amount of foreign money that can go into a Canadian company before the investment is reviewed. The review has been used in the past to block foreign takeovers of MDA and Potash Corp. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 0 |
| DOW | 12454.83 | 0 |
| NASDAQ | 2837.53 | 0 |
| SP 500 | 1317.82 | 0 |
| NYSE COMPOSITE | 7534.32 | 0 |
| AMEX | 2227.37 | 0 |
| TSX-VENTURE | 1309.27 | 0 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Seniors float above Montreal's Quartier Latin
- Remains found in bag on Cape Breton river ID'd
- Accused in blast that killed Alberta mom handled her funds
- Neighbour may have helped find missing kids in Mexico
- Quebec students and province to resume talks
- Lip-dub marriage proposal an internet hit
- Runner dies after collapsing in Cape Breton race
- Canadian Pacific strikers face back-to-work legislation
- Syrian regime denies role in Houla massacre
