The price of oil fell from a five-week high Thursday after China reported weak monthly trade data and a report showed a big increase in U.S. crude supplies.
Benchmark crude for May delivery was down 31 cents to $103.29 at 0525 GMT in electronic trading on the New York Mercantile Exchange. The contract rose $1.04 to settle at $103.60 on Wednesday amid unrest in eastern Ukraine after gaining more than $2 the day before. The last time it finished above $103 was on March 4.
Brent crude, a benchmark for international oil prices, fell 42 cents to $107.53 a barrel on the ICE exchange in London.
Oil movement out of the Gulf Coast is failing to keep pace with the amounts of crude flowing in, according to figures by the Energy Information Administration, which found that stockpiles in the region for the week ending April 4 hit record levels, Bloomberg reports.
The Pipeline and Hazardous Materials Safety Administration has slapped pipeline operators with a record $9.78 million in penalties in more than 60 cases in 2013, one of the biggest levied against Exxon Mobil for a spill near Mayflower, Ark. last March, Bloomberg BNA reports.
In the wake of destructive oil train derailments, Sen. Heidi Heitkamp, D-N.D., is urging Senate appropriators to set aside more money for the Transportation Department's rail safety programs, in particular to pay for sufficient inspectors, The Hill reports.
WASHINGTON (AP) — Responding to a series of fiery train derailments, federal regulators said Wednesday they will propose that trains transporting crude oil have at least two-man crews and requirements aimed at preventing parked train cars from coming loose and causing an accident like one in July that killed 47 people.
The Federal Railroad Administration had asked a freight rail industry advisory committee to make recommendations on whether two-man crews should be required, but the industry officials were unable to reach a consensus after working on the issue for months. Federal officials said they decided to move ahead with the two-crew member requirement anyway.
"Safety dictates that you never allow a single point of failure," Joseph Szabo, head of the railroad administration, said in a statement.
The Washington Post, in re-examining Canadian oil sands leases, has clarified that Koch Industries has the biggest U.S. presence in the region, but that two Canadian firms may have slightly larger territory.
A cartoon advertisement by the American Petroleum Institute poking fun at the anti-Keystone XL camp of cowboys and Native Americans in Washington this week has drawn fire from some of the protest participants, FuelFix reports.
Polls released Thursday by the American Petroleum Institute and the conservative-leaning Rasmussen Reports found support among U.S. voters for construction of the Keystone XL pipeline, The Hill reports.
Lawmakers from North Dakota’s congressional delegation discussed oil train safety with Transportation Secretary Anthony Foxx as he visited the site of last year’s derailment and explosion in Casselton, The Hill reports.
A White House spokesman Wednesday night challenged a report by Rolling Stone that President Barack Obama will decide against the controversial Keystone XL pipeline project, saying on Twitter that "nobody knows" his thinking, National Journal reports.