Oil futures were trading a little over 1% higher in New York -
lifting North American energy stocks Suncor (SU.TO), Imperial Oil
(IMO.TO), and Canadian Natural (CNQ.TO) - on news of lower U.S.
inventories and on continuing geopolitical uncertainty around Syria
and the Middle East.
Prices rose after U.S. President Obama won the support of some
of the key figures in the U.S. Congress for his plans on launching
military action against Bashar al-Assad's Syrian government - amid
some speculation that such a move will hurt oil supply in the
The data from the Energy Information Administration in the U.S.
that showed lower than expected stockpiles also helped boost oil
prices. Also, U.S. crude production rose 0.2% to 7.62 million
barrels a day, maintaining strong output.
Energy stocks were 0.85% higher in TSX. In particular, shares of
both Suncor and Imperial Oil went up 1%. Canadian Natural stocks
were 0.34% higher.
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