The price of oil fell Thursday, giving back part of its sizeable jump the day before, despite improvement in Chinese manufacturing.
Benchmark U.S. crude for September delivery was down 16 cents at $102.96 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange. The contract gained delivery gained 73 cents to $103.12 on Wednesday after data released by the Energy Department Wednesday showed a drop in U.S. crude inventories that was more than double what analysts had expected.
Brent crude for September delivery, a benchmark for international oils, was down 14 cents to $107.89 on the ICE Futures exchange in London.
The price of oil rose Wednesday after the government reported that U.S. oil supplies rose more than expected.
The benchmark U.S. oil contract for September delivery gained 73 cents to $103.12 a barrel on the New York Mercantile Exchange. Brent crude for September delivery, a benchmark for international oils, rose 70 cents to $108.03 on the ICE Futures exchange in London.
The Energy Department reported that U.S. oil supplies fell by 4 million barrels last week, a sharper decline than the 2.6 million barrels expected by analysts surveyed by Platts, the energy information arm of McGraw-Hill Financial.
The price of oil retreated to near $102 per barrel on Wednesday amid a new push for a cease-fire between Israel and Palestine and after Europe imposed additional sanctions on Russia that fell short of a heavy hit.
U.S. benchmark oil for September delivery was down 34 cents to $102.07 a barrel at 0850 GMT in electronic trading on the New York Mercantile Exchange. The contract slipped 47 cents to $102.39 on Tuesday.
Brent crude for September delivery, a benchmark for international oils, was up 9 cents to $107.43 on the ICE exchange in London.
The price of oil rose above $103 a barrel Tuesday on persisting jitters over the situation in Gaza and the standoff over the shooting down of a Malaysian airliner in Ukraine.
U.S. benchmark crude for September delivery was up 21 cents to $103.06 a barrel at 0615 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 91 cents to $102.86 on Monday. The August contract, which expires Tuesday, was up 41 cents at $105.00 a barrel.
Brent crude for September delivery, a benchmark for international oils, gained 3 cents to $107.71 on the ICE exchange in London.
The price of oil rose more than a $1 for the third time in the last four trading days, and closed above $104 for the first time since July 3.
Benchmark U.S. crude for August delivery rose $1.46 to $104.59 on the New York Mercantile Exchange. On Friday, the Nymex contract fell 6 cents to $103.13. Oil has gained 4.6 percent over the past four trading sessions.
Brent crude for September delivery, a benchmark for international oils, gained 44 cents to $107.68 on the ICE exchange in London.
Oil prices fell further Monday as concern about Ukraine eased but still were elevated on anxiety about the Middle East. Prices rose last week on fears stemming from the escalating crisis in Ukraine and Israel's offensive in Gaza, though analysts said the likelihood of disruption in supplies was small.
Benchmark U.S. crude for August delivery was down 32 cents to $102.81 per barrel at 0730 GMT in electronic trading on the New York Mercantile Exchange. That added to a 6 cent decline on Friday to $103.13.
Brent crude for September delivery, a benchmark for international oils, gave up 30 cents to $106.94 on the ICE exchange in London.
NEW YORK (AP) — The price of oil retreated slightly Friday but remained elevated because of political turmoil around the world.
Concern that conflicts and rising tensions in the Ukraine and the Middle East could disrupt supplies sent oil prices higher this week, though the world appears to have an ample supply of crude and supplies have not been affected.
Trying to phase out old DOT-111 tank cars within two years, as proposed in new Department of Transportation regulations, could trigger a shortage and hurt oil and ethanol production, industry officials warned, Platts reports.
The Environmental Protection Agency, ahead of four public hearings set for next week on its proposed rule to limit carbon emissions from existing power plants, says it has already received 300,000 comments on the regulation, The Hill reports.
Texas and Oklahoma -- states that are home to some of the biggest critics of President Obama’s climate policy – would have the most to gain from his administration’s proposed carbon rule because of the boost it would provide the natural gas industry, according to a study being released Thursday by the Center for Strategic and International Studies and the Rhodium Group, The New York Times reports.
Canada’s Talisman Energy has confirmed that it’s in talks to sell some of its assets to Spain’s Repsol, which analysts speculate may include interests in Marcellus Shale and Eagle Ford Shale, The Wall Street Journal reports.
Sen. John Hoeven, R-N.D., says the latest measure he’s introduced to speed Energy Department consideration of LNG export permits –- which would require action within 45 days of a preliminary application being filed with the Federal Energy regulatory Commission -– is a good compromise on the issue, The Hill reports.
Carbon capture should begin at the Kemper County Energy Facility in the fall, and operations at the coal-fired plant are on track for a May start date, according to officials of Southern Co. subsidiary Mississippi Power, E&E reports.
The installation in Texas of a massive transmission system for wind energy, which can handle up to 18,000 megawatts, has encouraged development of clusters of wind farms in its competitive renewable energy zones, The New York Times reports.
Renewable energy advocates attending a public meeting Wednesday asked the Utah Public Service Commission to reject an application from Rocky Mountain Power to charge customers with solar panels an extra fee, the Deseret News reports.
Staff and former members of the Chemical Safety Board continue to paint a picture of an agency in turmoil even as Chairman Rafael Moure-Eraso maintains the CSB is getting its workload under control, National Journal reports.