NEW YORK (AP) — Stocks rose for a second day on Tuesday, helped by a stabilization in crude oil prices. The modest recovery in U.S. benchmark crude prices gave energy and materials stocks a lift.
West Texas Intermediate crude for February delivery closed up 33 cents to $36.14 a barrel on the New York Mercantile Exchange. But Brent crude, which is used to price international oils, was down 24 cents to $36.11 a barrel in London.
Traders cashing in ahead of the upcoming holiday helped bring oil prices back from multi-year lows early Tuesday, but gains were constrained by continuing oversupply fears. West Texas Intermediate crude picked up 32 cents to $36.13 a barrel in electronic trading on the Nymex, while in London Brent rose 17 cents to $36.52, Reuters reports.
The Texas Tribune ranks the crash in oil prices as the top energy story in 2015, followed by the Obama administration’s Clean Power Plan with its potential to shake up the electricity sector, and the state move to tie local hands on drilling regulation.
Signs of strong American and Saudi production—regardless of the worldwide supply glut—kept the pressure on oil prices Monday, with Brent falling to its lowest price in 11 years and U.S. crude briefly touching levels not seen since 2009. Brent lost 53 cents, settling at $36.53 a barrel, while light, sweet crude for January delivery -- the expiring contract -- was up just a penny to finish at $34.74 a barrel, The Wall Street Journal reports.
NEW YORK (AP) — Stocks posted moderate gains in a quiet trading day Monday, recovering part of their losses sustained late last week, although energy stocks continued to be a drag on the market as the price of oil fell once again.
Oil's continued decline brought it near levels not seen since the financial crisis. U.S. benchmark crude fell 25 cents, or 0.7 percent, to settle at $35.81 a barrel. Brent crude, which is used to price international oils, was down 53 cents, or 1.4 percent, to $36.35 a barrel.
The continuing boost in global production that keeps building supplies sent oil prices sliding again early Monday. Brent crude was 41 cents lower at $36.47 a barrel—a level not seen since 2004, while U.S. benchmark crude fell 31 cents to $34.42, Reuters reports.
Oil prices ended lower Friday and racked up their third weekly loss in a row after an unexpected jump in the rig count, Reuters reports. West Texas Intermediate crude fell 22 cents to $34.73 on the Nymex, while in London Brent dropped 18 cents to $36.88.
Russia's unwillingness to reduce production plus fears of weaker demand because of warmer winter weather dragged oil prices down early Friday. West Texas Intermediate crude fell 43 cents to $34.52 a barrel in electronic trading on the Nymex, while London Brent dropped 21 cents to $36.85, The Wall Street Journal reports.
Pioneer Natural Resources is the second U.S. firm, after Enterprise Products, to begin exploring how to take advantage of the end of the U.S. oil export ban and could begin shipments by the middle of next year, The Hill reports.
Two competing initiatives designed to give Florida residents a constitutional right to rooftop solar energy are running out of time without enough signatures yet to make next November's ballot, the Naples Daily News reports.
SolarCity CEO Lyndon Rive joined Sen. Charles E. Schumer in Buffalo this week to call the five-year extension of a federal tax subsidy "super important" to the continued growth of the solar power industry, The Buffalo News reports.
Continued concerns about oversupply forced oil prices downward early Wednesday, nearing an 11-year low already reached once this week. London Brent fell 31 cents to $37.05 a barrel while U.S. crude remained unchanged at $37.50, Reuters reports.
A group of researchers at MIT, the University of California-Berkeley, and the University of Colorado have developed a new computer microchip that uses optical technology and creates the potential to make future computer data centers more energy efficient, the journal Science reports.
A Japanese court on Thursday rejected safety concerns and approved letting Kansai Electric Power, the country's second biggest utility, restart four nuclear reactors shuttered since the 2011 Fukushima disaster, Reuters reports.