Data showing continuing strong OPEC production and slowing demand in China pushed oil prices down early Monday. U.S. benchmark crude lost 75 cents to $46.37 a barrel in electronic trading on the Nymex, while in London Brent was trading at levels not seen since January, down $1.17 to $51.04, Reuters reports.
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.
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.
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.
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.
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.
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.
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.
The Justice Department told a federal judge that it could take up to two months to formally publish the Environmental Protection Agency's final Clean Power Plan in the Federal Register, a development that would further delay legal action against the rules, The Hill reports.
Some Alaska native leaders remain undeterred by warnings of more extreme weather from a changing climate, with most in the North Slope region embracing expanded oil and gas development both onshore and in Arctic waters, E&E reports.
The administration of Michigan Gov. Rick Snyder, a Republican, intends to develop a compliance plan for the Environmental Protection Agency's Clean Power Plan and will not join current legal challenges to the rule, the Lansing State Journal reports.
Four environmental groups plan to launch a multi-million-dollar ad campaign against four Republican senators up for reelection in 2016 who opposed carbon regulations: Rob Portman of Ohio, Richard Burr of North Carolina, Pat Toomey of Pennsylvania and Ron Johnson of Wisconsin, The Hill reports.
Russian Deputy Prime Minister Arkady Dvorkovich said his country doesn't plan "significant cuts" to its oil production to help stabilize global prices, but output could decrease if prices continue to dwindle, Reuters reports.
Oil prices slid 8 percent Monday morning, reversing gains from a day earlier, as concerns mounted that China's manufacturing sector is contracting at the fastest rate in three years, Reuters reports. U.S. crude was down $3.91 to $45.92 per barrel and Brent crude fell $4.32 to $49.83 a barrel.