Oil price crosses above $94 US
Posted: Oct 25, 2011 2:41 PM ET
Last Updated: Oct 25, 2011 4:19 PM ET
Crude oil prices climbed for a third day Tuesday, reaching their highest point since mid-summer.
The December crude contract on the New York Mercantile Exchange closed up $1.90 at $93.17 US a barrel after trading as high as $94.65, its highest since Aug. 2.
Energy stocks didn’t share in the rise, with the energy index on the Toronto Stock Exchange slipping 1.64 per cent as Suncor Energy declined 1.39 per cent to $31.14 and Talisman Energy down 2.48 per cent at $13.79.
Crude surged almost $4 US a barrel Monday in the wake of data showing China's manufacturing sector expanded in September, lowering fears that the country's economy is in for a hard landing as it tries to bring down high inflation.
China, which has led global commodity demand growth in recent years, said last week its economy grew 9.1 per cent in the third quarter.
"We continue to grow more positive on the outlook for China's commodity import demand over the remainder of the year," Barclays Capital said in a report.
"Improving evidence from the macroeconomic front for October are in line with our soft landing assumptions."
Oil has jumped 23 per cent in three weeks, also helped by investor optimism that European leaders will devise a plan to limit the damage from a possible default of Greek sovereign debt.
Details of the plan are expected to be announced Wednesday.
"Although the euro zone debt issue remains quite murky, the market appears to be pricing in a viable resolution to this crisis," energy consultant Ritterbusch and Associates said in a report.
"Wednesday's EU summit could still bring some bearish news if a comprehensive debt plan is not forthcoming."With files from The Canadian Press and The Associated Press
Top News Headlines
- Obesity now recognized as a disease
- The American Medical Association has voted to recognize obesity as a disease, while doctors in Canada say they also treat it as such. more »
- Neil Macdonald: Washington's obsession with leakers
- Julian Assange and Edward Snowden are just the most prominent targets in an all-out legal and propaganda campaign that America's security apparatus is mounting against leakers everywhere, Neil Macdonald writes. more »
- Caregiving dads stigmatized at work suggests UofT study
- Fathers who participate in child rearing and housework are likely to be labeled slackers and "failed men" at work, according to a study spearheaded by researchers at the University of Toronto and Long Island University. Are active dads the norm at your workplace? more »
- Dolce and Gabbana convicted of tax evasion
- A Milan court has convicted fashion designers Domenico Dolce and Stefano Gabbana of tax evasion, finding the pair guilty of failing to declare €1 billion ($1.37 billion Cdn) in income to authorities. more »
Latest Business Headlines
- Poloz urges 'stability and patience' in 1st public speech
- In his first public remarks since being named governor of the Bank of Canada, Stephen Poloz said the central bank will keep its focus trained squarely on keeping inflation in check. more »
- World's wealthy richer than ever
- The investable wealth of the world's richest people reached a record high of $46.2 trillion US in 2012, a report by RBC Wealth Management and the consulting firm Capgemini has found. more »
- Orascom withdraws bid for control of Wind Mobile
- Orascom Telecom Holding announced Wednesday that it is pulling back its application to acquire full control of Wind Mobile Canada, in which it already holds a partial interest, saying it made the decision after a review process and discussions with the federal government. more »
- Loblaw testing small discount-store format in Calgary
- Loblaw Cos. Ltd., Canada's largest grocer, is trying out a new discount small-store format in Calgary in a bid to attract more customers in urban areas. more »
Lang & O'Leary Exchange
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.
- Bob Rae quits as MP in 'very emotional' decision
- 2 men jailed in Dominican wedding fight back in Canada
- Wearing a mask at a riot is now a crime
- B.C. teacher duct-taped students' mouths
- Half of First Nations children live in poverty
- Obesity now recognized as a disease
- Huge ancient city at Angkor Wat revealed by lasers
- Are e-cigarettes safe to puff?
- How open is Ottawa's new 'open data' website?