A strong dollar was adding extra pressure on oil prices early Friday as the differential between domestic and international crude continued to narrow. U.S. crude for November delivery was 8 cents lower at $90.93 a barrel in electronic trading on the Nymex, while in London Brent dropped 35 cents to $93.07, Reuters reports.
With Saudi Arabia’s announcement of a lower official price still unsettling the market, oil has begun to rebound after a sharp plunge. West Texas Intermediate crude for November delivery ended Thursday’s session on the Nymex 28 cents higher at $91.01 a barrel, while in London Brent crude lost 74 cents to $93.42, with the $2.41 difference between the two the smallest since August 2013, Bloomberg reports.
Saudi Arabia’s move to cut its official crude price has sent oil prices tumbling early Thursday. U.S. benchmark crude sank $2.00 to $88.73 a barrel in electronic trading on the Nymex, while in London Brent crude plunged $2.15 to $92.01, Reuters reports.
An unexpected report of lower crude stockpiles last week pushed oil up Wednesday, while an announcement from Saudi Arabia of a drop in its official price fuelled bearish sentiment. U.S. benchmark crude gained 43 cents to settle at $90.73 a barrel on the Nymex, while in London Brent crude finished down 51 cents to $94.16, Reuters reports.
Ahead of the weekly stockpile report issued Wednesday, oil was trading slightly higher the day after a big plunge. West Texas Intermediate crude for November delivery was up 43 cents to $91.59 in electronic trading on the Nymex, while in London Brent climbed 19 cents to $94.86, Bloomberg reports.
A drop in RBOB gasoline futures on retirement of the October contract helped crude prices slide again Tuesday. West Texas Intermediate crude plunged $3.41 to $91.16 a barrel on the Nymex -- the biggest single day loss in 22 months and the lowest settlement in 16 months – while in London Brent crude fell $2.53 to $94.67, Bloomberg reports.
Positive consumer spending data helped push oil prices higher early Tuesday, although benchmark crude is looking likely to rack up its largest quarterly drop in some two and a-half years. U.S. prices were 19 cents higher to $94.76 a barrel in electronic trading on the Nymex, while in London Brent gained 32 cents to $97.52, Reuters reports.
Oil prices increased Monday as refinery maintenance shutdowns have begun pushing gasoline prices higher. U.S. benchmark crude for November delivery jumped $1.03 to settle at $94.57 a barrel on the Nymex, while in London Brent crude inched up 20 cents to $97.20, Reuters reports.
The strong dollar and increasing speculation that the Federal Reserve might increase interest rates pressured oil prices early Monday. West Texas Intermediate crude for November delivery was 37 cents lower at $93.17 a barrel in electronic trading on the Nymex, while in London Brent crude dropped 73 cents to $96.27, Bloomberg reports.
A Commerce Department report of a sizeable expansion of the U.S. economy in the second quarter fueled a rise in oil prices Friday. West Texas Intermediate crude for November delivery jumped 1.1 percent, gaining $1.01 to settle at $93.54 a barrel on the Nymex, while in London Brent crude was unchanged at $97, leaving the smallest spread between the two in a year, Bloomberg reports.
Brent crude for December extended its rebound to rise 34 cents to $86.16 a barrel as Goldman Sachs speculated that the recent steep drop in price was excessive. West Texas Intermediate gained 5 cents to settle at $82.75 a barrel, Bloomberg reports.
Officials from several OPEC members outside the Persian Gulf are calling for a reduction in production in response to falling oil prices, as Saudi Arabia and other Gulf states seek to keep the ceiling high, The Wall Street Journal reports.
Russian President Vladimir Putin warned that the global economy could collapse if the price of oil stays near $80 a barrel for an extended period but downplayed arguments that low prices will significantly devalue Russia's currency, Business Insider reports.
As global oil prices trend downward, 80 of the oil industry's largest crude oil tankers are headed for Chinese ports, marking the largest number of shipments in nine months and indicating China may be boosting purchases, Bloomberg reports.
An Environmental Protection Agency study has found that neonicotinoid pesticides, linked to the death of bees and other insect pollinators, have had little effect to boost the size of soybean yields, The Globe and Mail reports.
Energy Secretary Ernest Moniz praised Abengoa's new plant-waste biofuels plant in Kansas as the future of the ethanol production, as it doesn't force competition between ethanol producers and food suppliers, The Associated Press reports.
The Environmental Protection Agency has approved a greenhouse gas permit for Natgasoline's proposed methanol plant in Beaumont, Texas, ending the final regulatory hurdle for the project that could cost as much as $1.8 billion, the Beaumont Enterprise reports.
Entergy officials estimated that the cost to decommission the Vermont Yankee nuclear plant will be $1.24 billion, and the company has about half the needed value in its decommission fund, The Associated Press reports.