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.
The price of crude oil slipped Tuesday a day after zooming higher, with U.S. benchmark crude dropping 96 cents to $103.09 in electronic trading on Nymex, and Brent losing 36 cents in London to $108.71 in midday trading, Reuters reports.
Oil prices gained gain Monday as unrest continued in Ukraine, with domestic WTI crude for May delivery up 31 cents to close at $104.05 a barrel on the New York Mercantile Exchange, while in London Brent crude jumped $1.74 to $109.07 a barrel, the highest settlement since March 4, Bloomberg reports.
Crude oil prices jumped Monday as the crisis in Ukraine continues, with West Texas Intermediate jumping 0.8 percent to $104.55 a barrel in electronic trading on Nymex, while Brent gained to hit a two-week high, up $1.05 to $108.38 in London, Bloomberg reports.
Crude oil prices increased on strong consumer confidence and increasing gasoline demand, making its biggest weekly gain for the year, Bloomberg reports, noting that West Texas Intermediate was up 34 cents on the Nymex, at $103.74 a barrel. In London, Brent crude made smaller gains for the week, slipping 13 cents today, to $107.33.
The price of oil fell further on Friday as recent signs of sputtering economic growth in China suggested demand for crude could weaken. Other factors influencing crude supplies included a report that U.S. crude reserves rose to a 38-year high and the delayed reopening of export terminals in Libya.
Benchmark crude for May delivery was down 20 cents to $103.20 a barrel at 0740 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 20 cents to settle at $103.40 a barrel on Thursday.
Brent crude, a benchmark for international oil prices, slipped 23 cents to $107.29 a barrel on the ICE Futures exchange in London.
Oil continues to wash up on some Louisiana beaches four years after the Deepwater Horizon sinking sent oil gushing into the Gulf of Mexico and a number of area residents remain angry and resentful despite BP paying out billions of dollars in compensation, Reuters reports.
Environmental Protection Administrator and Boston native Gina McCarthy and Energy Secretary Ernest Moniz will throw out the first pitches at the Red Sox game Tuesday, to mark Earth Day, The Hill reports.
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