Oil was rebounding early Wednesday after slumping more than 2 percent a day earlier, a decline analysts were attributing to gains in the dollar.
“A strong USD along with disappointing US economic data weighed heavily on market sentiment and dragged crude prices lower,” said Myrto Sokou, senior research analyst at Sucden Financial in London. “It seems that the market overreacted; however, we continue to believe that crude oil prices remain very sensitive to USD dollar movements, at the moment.”
A jump in the value of the dollar pressured oil prices Tuesday. U.S. benchmark crude slid more than 2.8 percent, losing $1.69 to settle at $58.03 a barrel, while in London, Brent fell $1.80 - almost 2.8 percent - to $63.72, Reuters reports.
A smaller decline in last week’s rig count and a prediction from Goldman Sachs that U.S. producers would start ramping up production at current price levels was pressuring oil early Tuesday. West Texas Intermediate crude lost 43 cents to $59.29 a barrel in electronic trading on the Nymex, while in London Brent fell 45 cents to $65.07, Reuters reports.
TEHRAN, Iran (AP) — Iran will raise gasoline prices by some 40 percent beginning Tuesday, the country's official news agency reported, the latest cut to the Islamic Republic's fuel subsidies that cost it some $32 billion a year.
While previous attempts to raise prices have sparked dissent, last year's increase saw no major unrest.
A stronger dollar combined with the drop of only 1 oil rig in Baker Hughes’ weekly count sent crude prices sliding Friday. Benchmark West Texas Intermediate crude lost 1.6 percent, or $1, to settle at $59.72 a barrel on the Nymex, while in London, Brent was $1.17 , or 1.8 percent, lower, at $65.37, The Wall Street Journal reports.
A new analysis concludes that wells in Mountrail and McKenzie counties in North Dakota’s Bakken Shale are productive enough to remain profitable even with oil prices around $60 a barrel, FuelFix reports.
Standard & Poor’s thinks oil companies that have managed to survive the slide in crude prices by borrowing more money may start running into trouble in the coming months, particularly if the price stays in the $50 range, FuelFix reports.
WASHINGTON (AP) — Core consumer prices outside of food and energy posted the biggest increase in April in more than a year, suggesting that an improving U.S. economy is finally starting to lift prices. That could prompt the Federal Reserve to start raising interest rates later this year.
Overall consumer prices edged up 0.1 percent for the third straight climb, the Labor Department said Friday. Overall gains were held back by a 1.3 percent drop in energy costs.
Oil prices were trading slightly lower early Friday following big gains the day before, ahead of the closely watched figures from Baker Hughes about the number of rigs drilling in the U.S. Light, sweet crude for July delivery was down 18 cents to $60.54 a barrel in electronic trading on the Nymex, while in London, Brent lost 15 cents to $66.39, The Wall Street Journal reports.
Reports of drawdowns in stocks at the Cushing hub, combined with mounting concern over developments in Iraq, sent oil soaring more than 2 percent higher Thursday. U.S. benchmark crude jumped $1.74 to settle at $60.72 a barrel on the Nymex, while Brent gained $1.51 to $66.54, Reuters reports.
After last month’s pipeline leak near Santa Barbara, Calif., the Pipeline and Hazardous Materials Safety Administration is proposing a requirement that operators notify regulators within an hour of any problem, The Hill reports.
Oklahoma has filed a new lawsuit challenging the Environmental Protection Agency’s proposed limits on power plant carbon emissions even though several earlier legal actions have been dismissed by the courts, The Hill reports.
Traders reported a surge in activity around renewable identification numbers for biomass-based biodiesel, after the Energy Information Administration reported a jump in production to 108 million gallons in April, Platts reports.
Oil prices recovered slightly early Thursday after a steep drop the day before that was prompted by news of production and supply gains. U.S. benchmark crude inched 6 cents higher to $57.02 a barrel in electronic trading on the Nymex, while in London Brent rose 29 cents to $62.30, Reuters reported.
As part of its efforts to improve cash flow during the oil slump, Houston-based offshore operator Energy XXI has sold a rich field near the mouth of the Mississippi River to a private buyer for $21 million, FuelFix reports.
Westar Energy has agreed to refund $10 million to customers and cut its future rates by $8 million a year to settle a complaint that the Kansas Corporation Commission filed with the Federal Energy Regulatory Commission, The Topeka Capital-Journal reports.
With David Koch in the audience at the Aspen Ideas Festival, climate activist Tom Steyer said he didn’t see differences with the conservative businessman “as an ideological issue,” and that the market could resolve environmental and climate concerns, National Journal reports.
Cuba’s economy may benefit from new U.S investments, but some are concerned about what the changes might mean for the country’s mangrove forests, coral reefs and other environmental assets, The New York Times reports.