The price of oil rose more than a $1 for the third time in the last four trading days, and closed above $104 for the first time since July 3.
Benchmark U.S. crude for August delivery rose $1.46 to $104.59 on the New York Mercantile Exchange. On Friday, the Nymex contract fell 6 cents to $103.13. Oil has gained 4.6 percent over the past four trading sessions.
Brent crude for September delivery, a benchmark for international oils, gained 44 cents to $107.68 on the ICE exchange in London.
A battle over the control of gas production east of Homs has claimed more than a hundred lives over two days, opposition activists and government-aligned media in Syria said, The Wall Street Journal reports.
NEW YORK (AP) — General Electric's net income rose 13 percent in the second quarter on strong performance from its aviation and oil and gas divisions. The company said orders, especially those in developing countries, were strong and that the global economic environment continues to be positive.
Second-quarter profit increased to $3.55 billion, or 35 cents per share, from $3.13 billion, or 30 cents per share, in the same quarter a year ago.
The Environmental Protection Agency's Inspector General has issued a strong defense of his investigation of hydraulic fracturing, ignoring a Republican request that he stop the probe and rejecting charges that the study is inappropriate and a waste of money.
"This review ls consistent with the OIG's responsibilities to oversee the programs of the EPA," wrote EPA IG Arthur Elkins, Jr., in response to a letter from a group of Republican senators. "The OIG does not consider its evaluation as a duplication of prior or ongoing work."
WASHINGTON (AP) — Since the Great Recession officially ended in June 2009, the U.S. economy has generated 7.8 million jobs. But the gains haven't been spread evenly across the country.
Some states have boomed. Others have struggled to add jobs.
North Dakota, benefiting from an oil and gas drilling boom, has created nearly 98,000 jobs over the past five years, a 27 percent increase -- by far the best in the country. New Mexico, hard hit by federal spending cuts, is the only state that has lost jobs since the recession ended.
NEW YORK (AP) — The price of oil retreated slightly Friday but remained elevated because of political turmoil around the world.
Concern that conflicts and rising tensions in the Ukraine and the Middle East could disrupt supplies sent oil prices higher this week, though the world appears to have an ample supply of crude and supplies have not been affected.
A battle in Congress over whether or not to reauthorize the Export-Import Bank has high stakes for liquefied natural gas projects, as some U.S. energy companies building such projects overseas are among beneficiaries of the bank's loans, E&E reports.
The crash of a Malaysian Airlines passenger over Eastern Ukraine has hit energy prices in Europe, with coal and natural gas prices soaring in several countries on fears of escalating tension between Russia and Ukraine, Reuters reports.
Oil was little changed early Thursday, following a dramatic drop the day before that had been triggered by news of a big build in U.S. crude stockpiles. West Texas Intermediate crude for March delivery was up 8 cents to $44.53 a barrel in electronic trading on the Nymex, while in London Brent gained 34 cents to $48.81, Bloomberg reports.
Fifty conservative groups, led by the Koch-backed Americans for Prosperity, have sent a letter to Congress opposing the idea of increasing the federal gasoline tax to pay for highway infrastructure projects, USA Today reports.
Although the Commerce Department has cleared some companies to export lightly processed condensate, the Bureau of Industry and Security is asking questions of others, including Marathon Oil, people familiar with the matter have told Reuters.
A coalition of eight environmental and animal welfare groups -- including the Environmental Integrity Project and the Humane Society -- is suing the Environmental Protection Agency, demanding that EPA regulate emissions from large confined animal livestock facilities, The Des Moines Register reports.
The Republican-controlled House Natural Resources Committee has backed an amendment to the panel’s oversight plan – proposed by ranking member Rep. Raul Grijalva, D-Ariz. – saying that it will consider the impact of climate change on federal lands and natural resources, The Hill reports.
New Jersey lawmakers are moving bills through the state legislature that would override objections by the state Board of Public Utilities to the Fishermen’s Energy offshore wind project, the South Jersey Times reports.