Prices

Oil

Oil drops below $99 on China slowdown jitters

The price of oil dropped below $99 a barrel Wednesday as the possibility of a deeper economic slowdown in China fed expectations of weaker demand.

Benchmark U.S. crude for April delivery was down $1.34 to $98.70 at 1030 GMT in electronic trading on the New York Mercantile Exchange. The contract dropped $1.09 to close at $100.03 a barrel Tuesday. Brent crude, used to set prices for international varieties of crude, was down 65 cents to $107.23 on the ICE exchange in London.

China's lower exports in February have fueled worries of a further slowdown in the world's second-largest economy, which would tamp down demand for energy. China's economic growth of 7.7 percent last year was the lowest in two decades.

Oil

Oil falls near $100 as crude supplies seen rising

The price of oil dropped near $100 a barrel Tuesday on expectations that U.S. oil supplies rose last week.

Benchmark U.S. crude for April delivery dropped $1.09 to close at $100.03 a barrel on the New York Mercantile Exchange, the lowest price in a month.

Brent crude, used to set prices for international varieties of crude, rose 47 cents to $108.55 on the ICE Futures exchange in London.

Oil

Oil little changed near $101 after tumble

The price of oil was little changed near $101 a barrel Tuesday after tumbling because of data suggesting China's economy might continue to slow this year.

Benchmark U.S. crude for April delivery was up 25 cents at $101.37 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.46 to close at $101.12 on Monday after China reported a steep drop in February exports.

Brent crude, used to set prices for international varieties of crude, was up 12 cents to $108.20 on the ICE exchange in London.

Oil

Oil falls to around $101 after China data

The price of oil sunk to around $101 on Monday after a surprise drop in China's exports suggested demand for crude could weaken.

Benchmark U.S. crude for April delivery dropped $1.46 to $101.12 a barrel on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties of crude, fell 92 cents to $108.08 on the ICE Futures exchange in London.

China's customs data showed over the weekend that exports plunged by an unexpectedly large 18 percent last month. Robust trade is crucial in helping China achieve its official economic growth target of 7.5 percent for this year. However, exports in February last year might have been overstated by exporters inflating sales figures as an excuse to evade currency controls and bring extra money into China.

Oil

Energy executives increase calls for cost control from suppliers

Source: 
FuelFix

At last weeks CERAWeek summit in Houston, executives from large companies including Chevron and Total urged oil suppliers to show restraint in the costs of new development, warning increasing extraction costs will not be sustainable for long, FuelFix reports.

Oil

Survey: US average gas price up 10 cents a gallon

CAMARILLO, Calif. (AP) — The average U.S. price of a gallon of gasoline has jumped 10 cents over the past two weeks.

The Lundberg Survey of fuel prices released Sunday says the price of a gallon of regular is $3.51. Midgrade costs an average of $3.69 a gallon, and premium is $3.84.

Diesel was up three cents over the past two weeks at $4.03.

Oil

Oil below $102 after China, Japan data

The price of oil fell below $102 on Monday after a surprise drop in China's exports and weaker economic growth in Japan suggested demand for crude could weaken.

Oil

Oil rises on solid gain in US hiring; gasoline up

The price of oil crept up to near $102 a barrel Friday after a solid increase in U.S. employment and a decline in the dollar.

Benchmark U.S. crude for April delivery rose $1.02 to close at $102.58 a barrel on the New York Mercantile Exchange. After a swing in prices earlier in the week due to the situation in Ukraine, oil ended the week with a loss of 1 cent.

Brent crude, used to set prices for international varieties of crude, gained 90 cents to $109 a barrel on the ICE Futures exchange in London.

Oil

Oil price manipulation probe in US, Asia as well as Europe: BP

Source: 
Reuters

BP said in its annual report that U.S. and Asian regulators also have asked it for information, after Europe began an investigation into possible oil price maniplulation, Reuters reports.

Oil

Oil rises on hopes of more US jobs, Ukraine crisis

Oil prices rose Friday as the Ukraine crisis took a new twist and expectations rose for a solid increase in U.S. employment.

Benchmark crude for April delivery was up 26 cents to $101.82 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 11 cents to $101.56 on Thursday. Brent crude, used to set prices for international varieties of crude, was up 21 cents to $108.31 per barrel on the ICE exchange in London.

The U.S. government will release February employment figures later Friday. Hopes for a strong report were boosted after the Labor Department said Thursday that the number of people who filed for jobless benefits fell last week to the lowest level in three months.

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