Continuing concerns about oversupply sent oil prices lower Wednesday but they started recovering after release of the Energy Information Administration’s weekly data about supplies.
The price of U.S. benchmark crude fell 47 cents, or 1.1 percent, to $42.40 a barrel in New York. Brent crude fell 42 cents, or 0.9 percent, to $45.70 a barrel in London. Energy stocks traded slightly lower.
Oil prices jumped more than 2.5 percent Tuesday on fears that escalating Middle East tensions—after Turkey shot down a Russian warplane—would disrupt supplies. U.S. benchmark crude for January delivery gained $1.12, or 2.7 percent, to settle at $42.87 on the Nymex, while in London, Brent was $1.29 higher to $46.12, The Wall Street Journal reports.
Renewed Middle East tensions following the downing of a Russian warplane near Turkey combined with a weakening U.S. dollar to send oil prices higher early Tuesday. West Texas Intermediate crude rose 33 cents to $42.08 a barrel in electronic trading on the Nymex, while in London Brent climbed 44 cents to $45.27, Reuters reports.
Word from Saudi Arabia Monday that the country would cooperate with other producers to aid the stability of the oil market failed to outweigh continuing concerns about oversupply. Light, sweet crude for January delivery slipped 15 cents to settle at $41.75 a barrel on the Nymex, while in London, Brent gained 17 cents to $44.83, The Wall Street Journal reports.
Continuing fears about oversupply coupled with the effect of a strong dollar sent oil prices sliding early Monday. U.S. benchmark crude fell $1.26 to $40.64 a barrel in electronic trading on the Nymex, while in London Brent dropped 90 cents to $43.76, Reuters reports.
A drop in oil rigs, the strength of the dollar and the expiration of the December contract led to a volatile day for oil, but even so prices were up about 2 percent for the week. The December contract for West Texas Intermediate expired with a Friday loss of 15 cents, settling at $40.39, Reuters reports, while in London, January Brent rose 48 cents to $44.66 a barrel.
Market fatigue was responsible for the sluggish movement in oil prices early Friday despite continuing concerns about the global glut, an analyst told Reuters. West Texas Intermediate crude was unchanged at $40.54 a barrel in electronic trading on the Nymex, remaining on track for a weekly loss, while in London Brent gained 25 cents to $44.43.
A growth in stockpiles weighed on oil prices Thursday. Light, sweet crude for December delivery finished 21 cents lower to settle at $40.54 a barrel on the Nymex—although it dropped to $39.89 at one point in the trading day—while in London, Brent gained 4 cents to $44.18, The Wall Street Journal reports.
The stocks of U.S. petroleum products increased last week, the Energy Information Administration reported, although the million barrel rise in crude stocks was less than analysts’ expected, while the jump in gasoline stocks exceeded predictions, according to Reuters.
Earthjustice filed court papers Tuesday on behalf of several environmental and health groups seeking to intervene to defend the Environmental Protection Agency’s lower ozone limits from a lawsuit brought by coal company Murray Energy, The Hill reports.
State Department climate envoy Todd Stern told a news conference that he’s thinking about the upside, not the downside, heading into a critical global conference on climate change policy that starts Monday, National Journal reports.
The plan for coal producer Walter Energy to emerge from bankruptcy is being fought by unions and the firm’s retired workers in Alabama, but a court Tuesday approved the company’s move to auction off assets, Reuters reports.
Acting to lower its credit rating for Pemex, Moody’s Investors Service pointed to the firm’s increasing debt and declining earnings, although Mexico’s national oil company responded by saying the move brings the agency in line with other ratings firms, The Wall Street Journal reports.
The White House and the billionaire conservative Koch brothers have been allies recently in moves to liberalize the nation’s criminal justice laws, but they are disagreeing over one measure that would require proof of suspects knowingly engaging in unlawful conduct, The New York Times reports, noting that such a move is alarming environmentalists.
According to a report released this week by the U.N. Office for Disaster Risk Reduction, weather-related disasters have caused more than 600,000 deaths and trillions of dollars in damages over the past 20 years, The New York Times reports.
A market-based approach for cutting vehicles’ greenhouse gas emissions—which could include mileage-based driver fees or emissions trading—is the goal as Connecticut, Delaware, New York, Rhode Island, Vermont, and the District of Columbia announced an agreement to work together on the issue, Reuters reports.