The price of oil rose two per cent Thursday on lower U.S. inventories and concerns that geopolitical tensions could disrupt global supplies.Benchmark West Texas Intermediate crude for August delivery rose $1.99 to close at US$103.19 a barrel on the New York Mercantile Exchange. On Wednesday, the Nymex contract added $1.24 to close at $101.20.Brent crude for September delivery, a benchmark for international oils used by many U.S. refineries, rose 72 cents to close at US$107.89 on the ICE Futures exchange in London.A string of geopolitical events pushed prices higher by raising concern that oil supplies could be disrupted, even though no disruptions were imminent. The Obama administration announced new sanctions against Russian energy companies, including Rosneft, Russia’s biggest oil producer, after the market closed on Wednesday. While analysts say it is unlikely to cause any dip in production or exports in the short term, it could prevent or delay future exploration and production.The crash of a Malaysian Airlines passenger plane over Ukraine — which Ukrainian officials said was shot down — raised the risk of a sharper conflict between Ukraine and Russia that could lead to even tighter sanctions against Russia. And fighting in the Gaza strip intensified after a shaky ceasefire expired, yet another source of turmoil in the Middle East, the world’s most important oil-producing region.“Although oil balances will not be impacted, it gives the oil complex another reason to inject some geopolitical risk premium,” wrote energy analyst Jim Ritterbusch in a research note to investors.The jitters about potential disruptions came on the heels of a surprisingly large decline in supplies in the U.S. On Wednesday, the Energy Information Administration said U.S. crude oil inventories fell by 7.5 million barrels to 375 million barrels in the week of July 11. The fall was more than double what analysts had expected, and reversed what had been a three-week slide in prices.In other Nymex trading, wholesale gasoline closed unchanged at US$2.882 a U.S. gallon (3.79 litres), heating oil rose 0.1 cent to close at $2.859 a gallon and natural gas fell 16.5 cents to close at $3.954 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), (TSX:CVE) Oil soars past US$103 a barrel on on geopolitical turmoil, lower U.S. stocks by The Associated Press Posted Jul 17, 2014 3:29 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more


Andrej Kramaric of Croatia celebrates after scoring his team’s first goal (Getty Images)SOCHI, Russia (AFP) — Croatia beat Russia 4-3 on penalties on Saturday to set up a World Cup semi-final against England after a dramatic match full of twists and turns.The game finished 2-2 after extra-time following a late equaliser by Russia’s Mario Fernandes.Denis Cheryshev struck a stunning opener from distance to give the hosts the lead in the 31st minute but Croatia equalised through Andrej Kramaric just eight minutes later.Croatia’s Domagoj Vida broke the deadlock in extra-time, getting his head to the ball from a corner to score in the 101st minute but Fernandes headed home from a free-kick just five minutes before the end in Sochi. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedWorld Cup: England beat Sweden 2-0 to reach semi-finalsJuly 7, 2018In “Sports”World Cup: Croatia beat England 2-1 after extra-time in semi-finalJuly 11, 2018In “Sports”FIFA WORLD CUP 2018: Croatia beats Denmark on penalties to advance at World CupJuly 1, 2018In “latest news” read more