Dominion Lending Centres Clearlease Reports Oil reaches new 30-month high as U.S. dollar weakens against major currencies

Dominion Lending Centres Clearlease Reports, Oil reaches new 30-month high, U.S. dollar weakens, against major currencies, Oil Price Information Service, Nymex trading for May, high unemployment rate, McGraw-Hill Cos., U.S. crude supplies, Energy Information Administration, Pump Prices, OPEC, (TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, TSX:CVE)

NEW YORK, N.Y. (April 7, 2011) Reports Oil rose again Wednesday, passing US$109 a barrel at one point, as the U.S. dollar weakened against major foreign currencies.

Benchmark West Texas Intermediate gained 49 cents to settle at $108.83 per barrel on the New York Mercantile Exchange. It climbed as high as $109.15 earlier in the day — the highest since September 2008.

The U.S. dollar, which tends to move in the opposite direction from oil, lost ground against foreign currencies. The euro climbed to a 15-month high a day before the European Central Bank was expected to increase interest rates. Oil is priced in dollars, and tends to rise when the U.S. dollar falls and makes crude cheaper for investors holding foreign currency.

Oil has climbed for several weeks as the Libyan rebellion shut down most of that OPEC country’s exports, and energy traders worried about future supplies from the region. Libya produced nearly two per cent of the world’s oil, and an extended shutdown could threaten the production capacity of other OPEC members that are covering some of the shortage.

Gasoline pump prices in the U.S. have followed oil higher, climbing to a national average of more than $3.71 for a gallon (nearly $1 a litre) of regular on Wednesday, according to AAA, Wright Express and Oil Price Information Service. Pump prices have increased nearly 64 cents gallon since the beginning of the year.

Oil rose even though the Energy Information Administration reported that U.S. crude supplies grew more than expected last week, increasing by two million barrels. Analysts expected an increase of 1.3 million barrels, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline demand dropped by 112,000 barrels per day. Platts senior oil analyst Linda Rafield said demand could be falling because of rising pump prices and the high unemployment rate, which is keeping a lid on consumer spending.

In other Nymex trading for May contracts, heating oil added a less than a penny to settle at $3.1912 per gallon and gasoline futures lost 0.84 cent to settle at $3.1929 per gallon. Natural gas fell 8.5 cents to settle at $4.146 per 1,000 cubic feet.

In London, Brent crude rose four cents to settle at $121.93 per barrel on the ICE Futures exchange.


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Dominion Lending Centres Clearlease Commercial (DLC Clearlease/ is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.

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