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.
North Dakota lawmakers, including Sen. Heidi Keitkamp, D-N.D. and Sen. John Hoeven, R-N.D., were among those launching criticism at the Obama administration for delaying a decision on the proposed Keystone XL oil pipeline, the Williston Herald reports
China, the world’s largest investor in renewables, will continue to boost spending on solar and wind projects as well as starting construction on some nuclear power plants, Premier Li Keqiang said in a website posting, Bloomberg reports.
The decision by Minnesota regulators to back Geronimo Energy’s $250 million proposal for a solar project is the latest example of how the company, which didn’t exist 10 years ago, is continuing to grow, the Star-Tribune reports.
The company behind the proposed $2 billion Rock Island Clean Line, the transmission line which would bring 3,500 megawatts of wind energy from Iowa to Illinois, claims the project could bring Chicago residents electricity savings, the Chicago Sun-Times reports.
Suncor Energy, one of several Canadian companies that backs the Keystone XL pipeline project, said over the weekend that one of its employees died after being hurt at an oil sands site, The Globe and Mail reports.