Prices

Oil

Extended slump in oil taking toll on industry, economy

NEW YORK (AP) — As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth.

Low oil and gas prices are good for the overall economy because they reduce costs for consumers and business. U.S. economic growth was higher in the second quarter, and economists say that was partly fueled by consumers spending some of their savings on gasoline at stores and restaurants.

Oil

Oil slides as OPEC signals no production cuts

Source: 
Reuters

Remarks from the Secretary General indicating that OPEC would maintain its production levels to retain its market share pushed oil prices lower early Friday, Reuters reports. U.S. benchmark crude fell 90 cents to $47.62 a barrel in electronic trading on the Nymex, while in London Brent lost 70 cents to $52.61.

Oil

Oil down on dollar rally

Source: 
Reuters

Support for oil prices, provided by a report of a drawdown in inventories, evaporated Thursday in the face of a rally in the dollar. U.S. benchmark crude lost 27 cents to settle at $48.52 on the Nymex, while in London, Brent slipped 7 cents to $53.31, Reuters reports.

Oil

Oil steadies on U.S. stockpile drop

Source: 
Dow Jones

An unexpected Energy Information Administration report of a stockpile drop has halted oil’s July price slide in its tracks. West Texas Intermediate crude rose 8 cents to $48.87 a barrel early Thursday in electronic trading on the Nymex, while in London Brent gained 39 cents to $53.77, Dow Jones reports.

Oil

Oil rises on decline in U.S. crude inventories, production

Source: 
The Wall Street Journal

The reported decline in U.S. crude inventories helped oil prices reverse a recent slide Wednesday. Light, sweet crude for September delivery gained 81 cents, or 1.7 percent, to settle at $48.79 a barrel on the Nymex, while in London, Brent inched up 8 cents to $53.38, The Wall Street Journal reports.

Oil

Oil drops on booming OPEC production

Source: 
Reuters

Data indicating OPEC produced about 3 million barrels per day more than demand in the second quarter helped to drag oil prices lower early Wednesday, Reuters reports. U.S. benchmark crude dropped 20 cents on the Nymex to $47.78 a barrel, while in London Brent fell 22 cents to $53.08.

Oil

Oil slips further on Chinese stock slide

Source: 
Reuters

More losses from China's stock market continued to pressure oil prices early Tuesday. U.S. benchmark crude dropped 36 cents to $47.03 a barrel in electronic trading on the Nymex, while in London Brent lost 78 cents to $52.69, Reuters reports.

Oil

Oil down on Chinese share slump

Source: 
The Wall Street Journal

Plunging Chinese stocks took oil prices with them Monday, as crude continues to plumb depths not seen since March. Light, sweet crude for September delivery lost 75 cents to settle at $47.39 a barrel on the Nymex, while in London, Brent slumped $1.15, or 2.1 percent, to $53.47, The Wall Street Journal reports.

Oil

Oil drops on Chinese stock plunge, oversupply

Source: 
Reuters

More indications of a supply glut combined with a steep drop in China’s stock market sent oil sliding again early Monday. U.S. benchmark crude lost 57 cents to $47.57 a barrel in electronic trading on the Nymex, while in London Brent fell 99 cents to $53.63, Reuters reports.

Oil

Survey: US gasoline prices down a penny in the past 2 weeks

CAMARILLO, Calif. (AP) — The average price of gasoline has dropped a penny over the past two weeks to $2.82 a gallon.

Industry analyst Trilby Lundberg said Sunday that the current average sits 76 cents below the year-ago price.

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