The price of oil declined Monday as markets waited for the preliminary reading of China's manufacturing for June.
Benchmark U.S. crude for August delivery was down 56 cents to $105.18 a barrel at 0800 GMT in electronic trading on the New York Mercantile Exchange. The contract closed down 10 cents at $105.74 on Friday.
Brent crude, used to price international oils, slipped 62 cents to $112.68 a barrel in London.
The price of oil held steady on Friday on a quiet day for energy markets.
Benchmark U.S. crude for August delivery edged 10 cents lower to close at $105.74 a barrel in New York. Brent crude, a benchmark used to price international oils used my many U.S. refineries, rose 9 cents to close at $113.30 a barrel in London.
The price of both U.S. and international oils have slipped somewhat in recent days since reaching 10-month highs late last week, a sign investors are starting to believe that the violence in Iraq won't spread to the oil-producing south.
A measure sponsored by independent Sen. Bernie Sanders of Vermont and backed by 13 Democrats would order the Commodity Futures Trading Commission to act to eliminate excessive oil speculation, the intent being to prevent spikes in gasoline prices like the recent increases triggered by fighting in Iraq, The Hill reports.
As Iraq’s southern oilfields appear to remain unaffected by fighting that has gripped other parts of the country, oil prices dropped Thursday, with U.S. benchmark crude falling 66 cents to $105.84 a barrel on the New York Mercantile Exchange, while Brent crude dropped 79 cents to $113.21, Reuters reports.
The price of global crude dipped under $114 Thursday as fears diminished somewhat over supply disruptions from Iraq while U.S. oil extended gains on looser U.S. export controls.
Benchmark U.S. crude for August delivery rose 25 cents per barrel on the New York Mercantile Exchange. The contract rose 47 cents to settle at $106.50 on Wednesday. Brent crude, used to price international oils, eased 7 cents to $113.93 a barrel in London.
U.S. crude is rising after the Obama Administration opened the door to more oil exports by permitting some light oils to be defined as petroleum products like gasoline or diesel, which aren't subject to export restrictions. Analysts said the changes could add up to 1.1 million barrels of potential exports.
The Commerce Department decision to allow exports of some processed condensates gave a boost to U.S. crude oil prices, which gained 47 cents on the New York Mercantile Exchange to settle at $106.50 a barrel, while in London Brent dipped 46 cents to close at $114, Reuters reports.
The price of global crude oil fell Wednesday, retreating from record highs after OPEC assured that Iraq's production remained normal despite violence while U.S. crude rose after a report said export controls would be loosened.
Benchmark U.S. crude for August delivery rose 28 cents to $106.28 per barrel on the New York Mercantile Exchange. The contract dropped 14 cents to settle at $106.03 on Tuesday. Brent crude, used to price international oils, dropped 65 cents to $113.80 a barrel in London.
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.
Ahead of reports on GDP, payrolls and gasoline stockpiles, U.S. benchmark crude for September delivery slipped 11 cents to $101.56 in electronic trading on the New York Mercantile Exchange, while Brent crude gained 22 cents to $107.79, Bloomberg reports.
The Environmental Protection Agency isn’t doing enough to monitor the effect fracking has on water contamination and seismic activity, and needs to update and step up enforcement efforts, the Government Accountability Office said in a report released Monday, according to the Los Angeles Times.
Two top Chinese officials who’d been prominent in the operations of China National Petroleum Corp. in Canada have departed, calling into question the future of a billion dollar oil sands project, The Wall Street Journal reports.
The Obama administration has turned to lasers -- used in the Light Detection and Ranging System, or LIDAR -- to create extremely accurate 3-D mapping, which the U.S. Geological Survey says has the potential to head off billions of dollars in flood damage as well as revolutionize planning for infrastructure, National Journal reports.
Weather satellite data are vulnerable to hacking because of security issues with National Oceanic and Atmospheric Administration information systems, according to E&E, which cites a report from the Inspector General at the Commerce Department.
Northwest Energy Innovations is to start testing a prototype in September in Oahu, of a device which will harvest up to 20 kilowatts from wave energy and add it to the grid, the first time that will have been done in the U.S., The Associated Press reports, citing a story in the Honolulu Star-Advertiser.