U.S. crude futures gained sharply after the Conference Board reported a March gain in the index of leading economic indicators but settled back to close up 7 cents at $104.37 a barrel on the Nymex, while in London Brent crude gained 42 cents to $109.95, Reuters reports.
BEIJING (AP) — The price of oil edged down Monday but stayed above $104 per barrel as investors watched simmering tensions in Ukraine.
U.S. crude for May delivery was down 12 cents at $104.18 in electronic trading on the New York Mercantile Exchange after trading resumed following a three-day holiday weekend. The contract rose 44 cents to $104.30 in the previous session.
Brent crude, an international benchmark for oil, was down 38 cents at $109.15 on the ICE Futures exchange in London.
Anticipating an increase in oil demand from the latest U.S. and Chinese data, as well as continued concerns over the Ukraine crisis, benchmark crude for May delivery gained 45 cents to $104.21 in electronic trading on Nymex, while in London Brent crude was up 7 cents to $109.67 in Thursday morning trading, Reuters reports.
Benchmark West Texas Intermediate crude gained 1 cent to settle at $103.76 a barrel on the Nymex after the Energy Information Administration reported a hike in U.S. inventories last week, while in London Brent rose 24 cents to close at $109.60 a barrel, the highest level in six weeks, according to Bloomberg.
With rhetoric growing more heated ahead of Ukraine talks set for Thursday, oil prices were back on the rise. WTI increased 88 cents Wednesday in electronic trading on the Nymex to $104.63 a barrel, while in London Brent crude hit $110 a barrel midmorning local time, Reuters reports.
West Texas Intermediate dipped Tuesday on predictions that U.S. inventories increased last week, with the contract for May delivery closing down 30 cents to $103.75 a barrel on the Nymex. In London, Brent fell 33 cents on the final day of the May contract, to $108.74, Bloomberg reports.
Iraq produced 3.6 million barrels of oil in February, the nation's highest output since Saddam Hussein took power in 1979, but a March pipeline attack and a drop in production highlight the instability of the nation's markets, The Wall Street Journal reports.
An all-week rally against the Keystone XL pipeline, organized by the Cowboy and Indian Alliance and green groups, drew nearly 200 protesters to the National Mall in Washington on Tuesday, The Wall Street Journal reports.
Canada's Department of the Environment recommended removing humpback whales from its list of "threatened" species months before the government will rule on a pipeline permit that would boost oil shipments through the whales' habitat, Reuters reports.
Nebraska Gov. Dave Heineman, a Republican, urged the state's supreme court to dismiss a lower judge's ruling that the proposed Keystone XL pipeline route was approved through improper means, Bloomberg reports.
Tom Steyer, a climate activist spending millions in the 2014 elections, said his activity differs from that of the conservative Koch brothers because he's pushing the issue of climate change rather than for policies he would benefit from, Politico reports.
The North American energy boom, which is starting to change the global picture economically and strategically, still has the potential to be derailed, particularly if oil prices drop, The New York Times reports.