NEW YORK (AP) — The price of oil briefly rose above $100 a barrel for the first time this year on rising demand for fuel and some positive sentiment about the U.S. job market.
Benchmark U.S. crude for March delivery gained $2.04, or 2.1 percent, to close at $99.88 a barrel the New York Mercantile Exchange. Oil climbed to $100.21 in the afternoon before dropping back. Oil last topped $100 on Dec. 30.
Energy analyst Stephen Schork said oil's rise was brought about by rising prices for wholesale gasoline and low supplies of diesel and heating oil. That combination will encourage refiners to buy and process more crude oil.
The price of oil fell slightly Friday as market players readied for the release of a crucial U.S. jobs report.
Benchmark U.S. crude for March delivery was down 16 cents at $97.68 a barrel at 0630 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 46 cents to close at $97.84 a barrel on Thursday, boosted by a positive report on the U.S. labor market and colder temperatures.
Brent crude, used to set prices for international varieties of crude, rose 12 cents at $107.31 a barrel.
Former Federal Reserve Chairman Alan Greenspan suggested that an oversupply of domestic oil could ultimately hinder the U.S. economy, especially if continued international conflict and domestic political gridlock continues, FuelFix reports.
Two Democrats from the Pacific Northwest on Thursday fired a shot across the bow of lawmakers and oil companies calling for a repeal of the ban on most U.S. exports of crude oil.
Senate Energy and Natural Resources Chairman Ron Wyden of Oregon and Sen. Maria Cantwell of Washington called on the Energy Department's statistics wing to determine the train routes that oil companies would use to get shipments to port if the ban were lifted.
SEOUL, South Korea (AP) — The prices of oil and natural gas extended gains Thursday in Asia as a winter storm that slammed the U.S. and slower-than-expected supply growth raised expectations for higher energy demand.
Benchmark U.S. crude for March delivery was up 23 cents to $97.61 a barrel at 0745 GMT in electronic trading on the New York Mercantile Exchange. The contract added 19 cents to close at $97.38 on Wednesday.
More than a million homes and businesses were left in darkness and cold on Wednesday in the U.S. Northeast after snow, sleet and freezing rain hit the region. Some states saw around a foot of snow.
NEW YORK (AP) — The price of oil rose slightly Wednesday as a report showed U.S. supplies rose less than expected last week.
Natural gas rocketed to a new four-year high before plunging back near $5 per 1,000 cubic feet on a continuation of the recent volatility in that market. And the average price for gasoline remained at $3.27 a gallon as the wild winter weather reduces driving and the need for fuel.
The benchmark U.S. crude contract for March delivery rose 19 cents to $97.38 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oil used by many U.S. refineries, gained 47 cents to $106.25 on the ICE Futures exchange in London.
The price of oil rose Wednesday in Asia on prospects U.S. demand will hold up amid cold weather, offsetting worries about a slowdown in emerging economies.
Benchmark U.S. crude for March delivery was up 59 cents to $97.78 a barrel at 0735 GMT in electronic trading on the New York Mercantile Exchange. It gained 76 cents to close at $97.19 on Monday in New York.
Brent crude, a benchmark for international oil used by many U.S. refineries, was up 38 cents at $106.16 on the ICE exchange in London.
The price of oil rose nearly 1 percent Tuesday on hopes that demand for U.S. crude would remain on track even as some emerging-market economies falter.
Benchmark U.S. crude for March delivery was up 76 cents to close at $97.19 a barrel in New York, reversing much of oil's loss Monday. Brent crude, a benchmark for international oil used by many U.S. refineries, was down 26 cents to close at $105.78 in London.
The U.S. oil price rose along with the stock market, which regained some ground Tuesday after a drop of 2.3 percent Monday.
Senate Foreign Relations Committee Chairman Robert Menendez, D-N.J., said the panel is close to an agreement on a package of measures to deal with the Ukraine crisis, including aid to Kiev and some targeted sanctions, The Hill reports.
Ambassadors from four central European countries have written to House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nev., urging them to move Congress to take action to loosen up natural gas exports in the face of the Ukraine crisis that has the potential to affect their gas supplies, The Hill reports.
The harsh winter of 2014 has seen many consumers slapped with higher electricity bills, but the retirement of coal-fired power plants to comply with new carbon regulations may stretch pocketbooks and power supplies further, The New York Times reports.
A report by grid operator the Electric Reliability Council of Texas says a combination of low temperatures, low wind and high demand nearly caused blackouts in the state on Jan. 6, noting the wholesale price for electricity that day hit the regulatory cap of $5,000 per megawatt hour for the first time, FuelFix reports.
The Ohio Department of Natural Resources ordered Hilcorp Energy Co. to stop drilling operations near Youngstown after three minor earthquakes were felt in the area Monday morning, The Vindicator reports.
Electricity entering California's grid that was generated from solar power hit a high of 4,093 megawatts on Saturday, setting a record for a second day in a row, according to the state's ISO, Reuters reports.
The U.S. Chemical Safety Board said it intends to investigate an incident Monday at a Tesoro Corp. refinery in northern Calif., where two contract workers received hospital treatment for acid burns, the second time in less than a month that has happened, the San Francisco Chronicle reports.
The European Union moved to suspend talks with Russia on plans to move ahead with completion of the South Stream natural gas pipeline and a plan to boost supplies flowing through the Nord Stream pipeline, Reuters reports.