The price of oil fell below $100 a barrel for the first time since May even as the deteriorating security situation in Libya has raised questions about whether the country can soon increase crude exports.
Benchmark U.S. crude for August delivery fell 95 cents to close at $99.96 a barrel on the New York Mercantile Exchange. Oil is down 5 percent since the beginning of the month.
NASHVILLE, Tenn. (AP) — The truck-stop company owned by Cleveland Browns owner Jimmy Haslam and Tennessee Gov. Bill Haslam may have put the worst behind it after federal attorneys agreed not to prosecute Pilot Flying J for cheating customers.
In an agreement with prosecutors, the nation's largest diesel retailer acknowledges that employees cheated trucking companies out of promised fuel rebates and discounts. Pilot has agreed to pay a $92 million penalty, which is within the range of what the company would be expected to pay if convicted at trial.
The price of oil paused Tuesday after tumbling last week as a deteriorating security situation in Libya raised questions over the restoration of exports following an agreement between the government and a regional militia.
Prices fell sharply last week as worries about supply disruptions from Iraq eased and on the prospect of more supplies from Libya. Weaker than expected economic data for the first half of the year prompted the International Energy Agency and other experts to trim their forecasts for short and medium term demand.
Lacking any catalysts, the price of oil barely changed Monday. Meanwhile, gasoline prices in the U.S. slipped to three-month lows.
Benchmark U.S. crude for August delivery rose 8 cents at $100.91 a barrel on the New York Mercantile Exchange. The Nymex contract fell 3.1 percent last week and is down 4.3 percent so far in July. Brent crude, a benchmark for international oils, gained 45 cents to $107.71 on the ICE Futures exchange in London.
Investment bank Raymond James told Platts that increased production efficiency means that U.S. shale exploration firms are becoming immune to sluggish commodity prices, keeping up positive growth even with moderate declines in oil and gas prices, Platts reports.
The price of oil edged lower Monday after its biggest one-day drop since April on expectations Libyan oil will soon return to the market.
Benchmark U.S. crude for August delivery was down 39 cents to $100.44 per barrel at 0535 GMT in electronic trading on the New York Mercantile Exchange. It fell 3.1 percent last week and is down 4.3 percent so far in July.
Mexico's moves to implement new energy reform measures to open the nation's oil reserves to foreign investment could be hindered by Petroleos Mexicanos' monopoly on energy infrastructure, FuelFix reports.
The price of oil plunged 2 percent Friday, the largest one-day drop since April, as Libyan oil appears poised to return to the market while global demand looks to be muted.
Benchmark U.S. crude for August delivery fell $2.10 cents to close at $100.83 a barrel on the New York Mercantile Exchange. It fell 3.1 percent this week, and is down $4.54 a barrel, or 4.3 percent, so far in July.
The price of oil began to fall again on Friday, giving up most of the gains it had made the previous day in the first rally in two weeks.
Benchmark U.S. crude for August delivery was down 54 cents to $102.37 a barrel at 0815 GMT in electronic trading on the New York Mercantile Exchange. The contract closed up 64 cents at $102.93 a barrel on Thursday.
The power substation in San Jose where a sniper attack last year raised concern about the security of the country’s grid has been breached again, according to Pacific Gas and Electric, which said thieves cut through a fence and stole some equipment, The New York Times reports.
A corn ethanol plant at the Port of Indiana-Mount Vernon, which Valero Energy Corp. bought in March, has restarted, FuelFix reports. It is expected to boost the company’s output to 1.3 billion gallons a year, making Valero the country’s third-largest ethanol producer.
Oil looks set to finish out the week higher in the wake of another positive piece of data on the U.S. economy, news of an unexpected rise in consumer confidence. West Texas Intermediate crude for October delivery was up 66 cents to $95.21 a barrel on the Nymex, while in London Brent crude settled 35 cents higher to $102.81, Bloomberg reports.
Fighting in Tripoli may have been escalating, but in the east of Libya, the key oil port of Es Sider is once again getting a flow of crude from oilfields after exports there resumed last week following a one-year hiatus, an official told The Wall Street Journal.
Sen. Mary Landrieu, D-La., listed her parents’ home in New Orleans as her address in filing last week to qualify for the ballot in Louisiana, prompting some critics to question her residency status, The Washington Post reports.
Clean Air Act violations for the release of phosgene, methyl chloride and oleum at a West Virginia facility between 2006 and 2010 will cost DuPont $1.3 million in fines, the Environmental Protection Agency and the Justice Department said in announcing a settlement, The Hill reports.
A project to build a big $25 billion water tunnel system in Northern California poses water quality problems to the Sacramento-San Joaquin River Delta and a possible threat to smelt and salmon, the Environmental Protection Agency said in a letter accompanying comments posted online, the Los Angeles Times reports.