The price of oil was steady Tuesday as investors monitored the insurgency roiling Iraq for any signs it could affect its oil production and exports.
Benchmark West Texas Intermediate U.S. crude for August delivery dropped 14 cents to $106.03 per barrel on the New York Mercantile Exchange. But Brent crude, used to price international oils, rose 34 cents to $114.46 a barrel in London.
Islamic militants have been steadily expanding their grip on the country's north, where they control a broad swath of territory. But the bulk of the country's production and export operations are in the south, which have so far been spared in this month's advance by the al-Qaeda-inspired group. Iraq's daily oil production hit 3.5 million barrels this year, up from nearly 2.4 million a day in 2009.
The price of oil fell Tuesday as fears receded that the insurgency roiling Iraq would affect its oil production and exports.
Islamic militants have been steadily expanding their grip on the country's north, where they control a broad swath of territory. But the bulk of the country's production and export operations are in the south, which have so far been spared in this month's advance by the al-Qaeda inspired group. Iraq's daily oil production hit 3.5 million barrels this year, up from nearly 2.4 million a day in 2009.
Benchmark U.S. crude for August delivery dropped 46 cents to $105.71 per barrel on the New York Mercantile Exchange. The contract dropped 66 cents to settle at $106.17 per barrel on Monday. Brent crude, used to price international oils, fell 30 cents to $114.82 a barrel in London.
The price of oil fell Monday as traders waited to see if an insurgency in Iraq would affect the country's oil production and exports.
Benchmark U.S. crude for August delivery dropped 66 cents to $106.17 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, fell 69 cents to $114.12 a barrel in London.
In a blitz through Iraq's western desert over the weekend, insurgents captured four towns and three border crossings on the country's frontiers with Jordan and Syria, greatly expanding territory under their control in the country's north. The bulk of Iraq's oil production and export operations, however, are in the south.
Rising oil prices pushed by the conflict in Iraq are starting to have an impact on some of the world’s economies, particularly those more dependent on imported crude, including India, Turkey and Indonesia, The Wall Street Journal reports.
HONG KONG (AP) — The price of oil rose Monday, with global crude hovering near a nine-month high, after Islamic militants captured more territory in Iraq and a report on Chinese manufacturing indicated that the No. 2 economy is on the mend.
Brent crude, used to price international oils, jumped 63 cents to $115.44 a barrel in London, close to last Thursday's $115.71, its highest level since Sept. 9 last year.
Benchmark U.S. crude for August delivery rose 34 cents to $107.17 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 78 cents to settle at $106.83 on Friday.
The price of oil rose Friday and ended the week with a slight gain, as a battle for control of Iraq's biggest refinery remained undecided.
The Beiji oil refinery has a capacity of 320,000 barrels a day, according to Platts, accounting for a quarter of Iraq's refining capacity. While all its output is used domestically, a prolonged shutdown could force the energy producer to import oil products to keep up with the country's needs, cutting into global supplies.
U.S. benchmark crude for August delivery rose 83 cents to $107.26 per barrel on the New York Mercantile Exchange. It closed up 35 cents for the week. Brent crude, used to price international oils, slipped 25 cents to $114.81 a barrel in London, after setting a nine-month high the day before.
HONG KONG (AP) — The price of oil was little changed with global crude a near nine-month high Friday, following days of fighting between Iraqi soldiers and Islamic militants for control of the country's biggest refinery.
The price of U.S. benchmark crude for August delivery rose 2 cents to $106.07 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, slipped 12 cents to $114.94 a barrel in London, after setting a nine-month high the day before.
Iraq's government was desperately trying to hold off the extremists at the Beiji oil refinery and by late Thursday the two sides held different parts of the refinery, which extends over several square kilometers of desert some 250 kilometers (155 miles) north of Baghdad.
The price of oil climbed on Thursday as Iraqi army troops and Islamic militants battled for control of the country's largest oil refinery.
By late Thursday the refinery remained in government hands. All of the facility's output is used domestically so crude production and exports aren't affected. But the violence underscores how the fighting may threaten the energy infrastructure that Iraq is rebuilding to meet global demand.
The price of U.S. benchmark crude for July delivery rose 46 cents to $106.43 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 80 cents to $115.06 a barrel in London, setting a fresh nine-month high.
TransCanada, the company that hopes to build the Keystone XL pipeline, has spent far more on lobbying this year than it did at the same point last year, and the American Petroleum Institute has spent somewhat more as well, E&E reports.
Just weeks after signing a joint venture agreement, partners working on a natural gas project on Alaska’s North Slope have filed with the Department of Energy for an export license that would give them permission to send up to 20 million metric tons of LNG a year to countries with and without free trade agreements with the U.S., Platts reports.
A joint venture between Exxon Mobil and state-owned oil company Rosneft to look for oil off the coast of European Russia appears to be going ahead as planned despite the downing of a Malaysia Airlines plane in Ukraine, The New York Times reports.
A measure that would block tankers from loading crude -- including Canadian tar sands oil -- in the port of South Portland, Maine, won approval from the local council Monday night, over the opposition of the Portland Pipe Line Corp., the Portland Press Herald reports.
On the downside of Pennsylvania’s gas drilling boom, an understaffed, unprepared Department of Environmental Protection has failed to follow up on reports of contamination, hasn’t forced drillers to deal with tainted water, and has used an inspection policy that’s a quarter of a century old, according to a report from the state’s Auditor General Eugene DePasquale, Bloomberg reports.
A spokesman for Libya’s National Oil Corporation said the country’s output dropped from around 555,000 barrels per day Thursday to 450,000 barrels per day Monday as fighting in Tripoli was continuing and conflict in Benghazi escalating, Reuters reports.
It will take years to improve the natural gas pipeline infrastructure to free the Northeast and Mid-Atlantic states from winter spikes in electricity prices, according to an analysis from a unit of N.Y. utility Consolidated Edison, Platts reports.
The Environmental Protection Agency is doing better with RadNet, its system of ambient radiation monitors: Installing more of them, getting them to work longer and changing the filters more often, according to a report from the EPA’s Office of Inspector General, The Hill reports.
Nearly four years after hitting a milestone of 16 billion barrels, Alyeska Pipeline Service Co., the operator of the trans-Alaska pipeline, announced it has now handled 17 billion barrels, The Associated Press reports.