Oil Stages Last-Minute Recovery to End Up 0.5%; Suncor at Intraday Highs
Crude oil for September delivery on the New York Mercantile Exchange swung to positive in the final moments of trading to end up 47 cents, or 0.5% at US$88.97.
The contract had fallen to a session low of $86.84 earlier as the U.S. Energy Information Administration released data showing crude inventories surprisingly rose 2.7 million barrels last week on sharply higher imports. That contrasted sharply with predictions for a drawdown, and gasoline and distillate stockpiles also rose sharply. Weak economic data out of Europe also pulled crude down earlier in the day.
But bargain hunters entered the market late in the session as the euro gained traction against the U.S. dollar, as some news reports suggested that the European Central Bank may create new money to fund operations for rescuing troubled countries.
Suncor was in focus on the TSX today after reporting better-than-expected quarterly results, and also said it may scale back long-term plans for some projects. It's up 3.2%, near intraday highs, as the final hour of trading gets underway.
The TSX energy sector as a whole, however, isn't fairing as well, currently up 0.15%.
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