The Greek debt default and gains in U.S. crude stocks and production were pressuring oil prices early Wednesday. U.S. benchmark crude dropped 94 cents to $58.53 a barrel in electronic trading on the Nymex, while in London Brent fell 78 cents to $62.81, Reuters reports.
The decision to extend the deadline on Iran's nuclear talks helped support oil prices Tuesday, which finished with a 25 percent overall gain in the second quarter. U.S. benchmark crude for August delivery soared 2 percent, rising $1.14 to $59.47 a barrel on the Nymex, while in London Brent jumped 2.5 percent to $63.59, The Wall Street Journal reports.
Continuing concerns about the future of Greece in the European Union were weighing on oil prices early Tuesday. U.S. benchmark crude lost 14 cents to $58.19 a barrel in electronic trading on the Nymex, while in London Brent dropped 3 cents to $61.98, Reuters reports.
Crude oil prices slid further on Monday as traders looked to avert risks due to bank shutdowns in Greece and the slip in the deadline in nuclear talks with Iran, Reuters reports. Brent crude fell $1.20 to $62.02 a barrel, while U.S. crude dropped $1.30 to settle at $58.33 a barrel.
Concerns over bank shutdowns and new capital controls in Greece drove down oil prices early Monday, Reuters reports. Brent crude fell $1.66 to $61.60 a barrel, the lowest since June 5, while U.S. crude fell $1.40 to $58.23 a barrel, the lowest price since June 9.
Nuclear talks with Iran have hedge funds less bullish on crude oil prices than they've been in 10 weeks, cutting their net-long wages on West Texas Intermediate by 1.3 percent in the week that ended June 23, Bloomberg reports.
Oil prices were largely unchanged Friday as investors looked to higher summer demand to offset fears of Greek financial woes and a nuclear deal with Iran, The Wall Street Journal reports. Brent crude rose 24 cents to settle at $63.26 a barrel while U.S. crude dropped 7 cents to $59.63 per barrel.
Oil fell within expected trading ranges early Friday as investors anticipate the outcome of nuclear talks with Iran and Greek debt negotiations. Brent crude was down 20 cents to $63.00 in London, while U.S. crude was down 25 cents to $59.45.
The price of oil fell Thursday on continuing concerns that high supplies of gasoline and diesel will keep a lid on crude demand.
Benchmark U.S. crude fell 57 cents to close at $59.70 a barrel in New York. Brent crude fell 29 cents to close at $63.20 in London.
In other futures trading on the NYMEX, wholesale gasoline fell 1.9 cents to close at $2.037 a gallon. Heating oil fell 1.4 cents to close at $1.862 a gallon. Natural gas rose 9.1 cents to close at $2.850 per 1,000 cubic feet.
Giving states more time to comply with provisions of the rule limiting power plant carbon emissions may help the Environmental Protection Agency deflect some of the legal challenges it’ll face after finalizing the regulation, E&E reports.
Human activity does contribute to climate change, but the Obama administration’s “irresponsible and ineffective” Clean Power Plan won’t help stop it, Republican Presidential candidate Jeb Bush told Bloomberg BNA in an interview.
Three prominent scientists active in the climate field—including Harvard professor Naomi Oreskes—have written an essay saying that industry—major oil companies in particular—is responsible for the lions’ share of greenhouse gas emissions that have contributed to climate change, E&E reports.
California Democrats Sen. Dianne Feinstein and Sen. Barbara Boxer have proposed a bill to provide $1.3 billion over ten years to projects that would help their state cope better with drought, the Los Angeles Times reports.
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.
Cashing in on the flood of cheap crude oil, refiner Valero Energy reported $1.4 billion in earnings in the second quarter, more than double what it made a year ago, and chief Joe Gorder was talking about expansion and diversification, FuelFix reports.
Although performing better than analysts expected, ConocoPhillips still reported a loss of $179 million in the second quarter, and announced it will cut capital spending by another $500 million, The Wall Street Journal reports.
Lower oil and gas prices that cut drilling activity were responsible for Pioneer Energy Services’ growing red ink in the second quarter, the contract driller said as it reported a net loss of $77.3 million, FuelFix reports.
Royal Dutch Shell might look to get involved in gas projects in Iran once sanctions are lifted in the wake of the nuclear agreement Tehran reached with global powers, according to Chief Financial Officer Simon Henry, Platts reports.