An American Petroleum Institute report detailing a drop in crude stocks sent oil prices soaring early Wednesday. U.S. benchmark crude jumped $1.51 to $61.91 a barrel in electronic trading on the Nymex, while in London Brent gained $1.36 to $68.88, Reuters reports.
LAGOS, Nigeria (AP) — Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed Tuesday.
The news comes as Nigeria prepares to welcome a new government at the end of month and its naira currency remains in a slump, hovering between 180 and 220 to the U.S. dollar. It was trading at 160 a few months ago.
Libyan protests that shut off the flow of crude to the country’s eastern port of Zuetina helped boost oil prices early Tuesday. U.S. benchmark crude gained 60 cents to $59.53 a barrel in electronic trading on the Nymex, while in London Brent was 55 cents rose to $67, Reuters reports.
The market saw a small slip in oil prices Monday in the absence of major news on a day when banks and other institutions were closed in Britain for a public holiday. U.S benchmark crude lost 22 cents to settle at $58.93 a barrel on the Nymex, while in London, Brent finished a penny lower than Friday’s close, at $66.45, AFP reports.
Anticipation that China will make moves to stimulate its economy helped boost oil prices early Monday. U.S. benchmark crude was up 22 cents to $59.37 a barrel in electronic trading on the Nymex, while in London Brent gained 39 cents to $66.85, Reuters reports.
Oil dropped off its 2015 highs Friday on news of record Iraqi exports in April, coupled with gains in the dollar. U.S. benchmark crude for June delivery settled 48 cents lower at $59.15 a barrel on the Nymex, while in London, Brent lost 32 cents to $66.46, Reuters reports.
The three Democrats willing to join Senate Republicans in the fight against the new water rule finalized by the Environmental Protection Agency and the Army Corps of Engineers won’t give the GOP the two-thirds majority needed for legislation to block it, The Hill reports.
Shortcomings in Shell Oil Co.’s plan to tow the Kuluk drilling rig across the stormy Gulf of Alaska led to its grounding in 2012, according to a report from the National Transportation Safety Board, FuelFix reports.
Gov. Bill Walker, I-Alaska, visited Seattle to tour an Arctic drilling rig parked there, and then met privately with his Washington counterpart, Democratic Gov. Jay Inslee, to challenge the state’s opposition to Arctic drilling, The Associated Press reports.
Shell appears unfazed by the latest opposition in Seattle to its Arctic drilling fleet: A decision by King County to deny the ships a permit to discharge waste water into the regional sewer system, the Seattle Post-Intelligencer reports.
Increased environmental regulation, lower natural gas prices and reduced demand as a result of economic problems were cited as reasons why CanAm subsidiary Birmingham Coal & Coke filed for Chapter 11 bankruptcy protection Wednesday, Platts reports.
Larger than expected declines in crude and gasoline supplies helped support oil prices Thursday. U.S. benchmark crude gained 17 cents to settle at $57.68 a barrel on the Nymex, while in London, Brent ended 52 cents higher at $62.58, The Wall Street Journal reports.
The biggest change stemming from Mexico’s energy reform might be more integration between U.S. electricity utilities with their counterparts south of the border, Energy Secretary Ernest Moniz said at a conference Wednesday, Bloomberg reports.
Fracking ban supporters continue to look into possible legal challenges to a new state law blocking Denton, Texas from interfering with drilling, while protesters have been picketing a well site, the Denton Record-Chronicle reports.