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.
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.
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.
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.
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 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.
A White House spokesman Wednesday night challenged a report by Rolling Stone that President Barack Obama will decide against the controversial Keystone XL pipeline project, saying on Twitter that "nobody knows" his thinking, National Journal reports.
Rosebud Sioux Tribe member Gary Dorr, at the protest camp against the Keystone XL project set up this week on the National Mall, told National Journal he worries about the effects any leaks from the proposed pipeline might have on the Ogallala Aquifer.
General Electric is set for its biggest-ever acquisition, looking to pick up the French firm Alstom, which builds power plants and trains, in a deal with a price tag of more than $13 billion, sources tell Bloomberg.
Benchmark U.S. crude for June delivery gained 18 cents to $101.62 a barrel in electronic trading on the Nymex Thursday, after falling the day before to the lowest close in more than two weeks, while Brent crude gained 9 cents to $109.20 in London, Bloomberg reports.
With just over six months to go until November elections, a poll commissioned by The New York Times finds Senate incumbents vulnerable in four important Southern states, with Republicans having the edge but victory not out of reach for Democrats.
Japan is protesting that limiting ships to 49 meters wide in the expanded Panama Canal would exclude the giant Q-Flex carrier, which would affect possible U.S. LNG export deals, The Wall Street Journal reports
Montana Attorney General Tim Fox handed over documents an environmental group had requested about the state’s decision to join in a protest over proposed fracking regulation on federal land, the Great Falls Tribune reports.
Rancher Cliven Bundy, in his well-publicized dispute with the Bureau of Land Management, has tapped into long-held Western resentment over extensive federal land ownership in the region, The New York Times reports.
A new ethane export facility along the Gulf Coast in Texas could handle 240,000 barrels per day and help relieve the growing glut of the liquefied gas, according to project developer Enterprise Products Partners, FuelFix reports.