Data showing Saudi crude exports have fallen to their lowest level since December helped to support oil prices early Monday following a steep slide last week. West Texas Intermediate crude for August delivery inched up 5 cents to $50.94 a barrel in electronic trading on the Nymex, while September Brent rose 3 cents to $57.15 in London, Reuters reports.
The drop in rig count helped oil prices recover toward the end of the New York session Friday, although U.S. benchmark crude still ended the week with a 3.5 percent drop. Light, sweet crude for August delivery lost 2 cents to settle at $50.89 a barrel on the Nymex, while in London Brent gained 18 cents to $57.10, The Wall Street Journal reports.
A continued North Sea oil outage was acting to support oil prices early Friday, although they remain on track to decline for a third week in a row. U.S. benchmark crude lost 4 cents to $50.87 a barrel in electronic trading on the Nymex, while in London Brent gained 15 cents to $57.07, Reuters reports.
Benchmark U.S. crude lost 50 cents Friday to close at $50.91 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, rose 46 cents to close at $57.51 a barrel in London.
WASHINGTON (AP) — Manufacturing growth in the Philadelphia region fell in July, a sign that factories are struggling to contribute much to the expanding U.S. economy.
The Federal Reserve Bank of Philadelphia said Thursday that its index of factory activity fell to 5.7 in July from 15.2 the previous month. Any reading above zero indicates that manufacturing is expanding.
A drop in U.S. crude inventories combined with a shutdown in Britain’s largest North Sea oil field helped boost prices early Thursday. West Texas Intermediate crude rose 30 cents to $51.71 a barrel in electronic trading on the Nymex, while in London Brent gained 55 cents to $57.60, Reuters reports.
Concerns about a supply glut of refined products – based on data showing a record high for inventories of crude and petroleum products – sent oil prices tumbling Wednesday. U.S. benchmark crude for August delivery lost 3.1 percent, or $1.63, to settle at a three-month-low of $51.41 a barrel on the Nymex, while in London, Brent dropped $1.46 to $57.05, The Wall Street Journal reports.
WASHINGTON (AP) — The U.S. economy was expanding in all regions of the country in the late spring, aided by strong sales of autos and other consumer goods.
In its latest survey of business conditions, the Federal Reserve said Wednesday that some of its regions reported that lower energy prices were encouraging consumers to shop and eat out more. Growing sales of homes and commercial real estate also boosted the economy.
A 30-second television ad highlighting the importance of energy development in Alaska is running in markets throughout the state ahead of President Obama’s visit set for Monday, paid for by the Arctic Slope Regional Corp., which hold North Slope drilling rights and represents around 12,000 native Alaskans, FuelFix reports.
Delivering the keynote address at an energy expo in Tulsa Wednesday, Gov. Mary Fallin, R-Okla., called for a strong national energy policy that includes construction of the Keystone XL pipeline and the lifting of the U.S. ban on crude exports, the Tulsa World reports.
Seven groups – including the Natural Resources Defense Council and the Environmental Integrity Project -- gave notice Wednesday that they intend to sue the Environmental Protection Agency for failing to update the regulations that govern the handling of drilling waste, E&E reports.
The U.S. Chamber of Commerce and the National Association of Manufacturers have been turning up the volume in their attacks on the Environmental Protection Agency’s potential moves to lower ozone limits in the atmosphere, National Journal reports.
Smaller drilling companies around the world are putting exploration plans on hold as they take steps to cut costs in the face of falling oil prices, which could mean a big drop in future discoveries of deposits, The Wall Street Journal reports.
The Energy Information Administration says U.S. ethanol production has dropped to May levels at 952,000 barrels a day, although stockpiles increased for a second straight week to 18.628 million barrels, Platts reports.
Gains in global stock markets alongside a pipeline shutdown in Nigeria sent oil prices soaring Thursday. U.S. benchmark crude jumped $2.93 a barrel to $41.55 on the Nymex, while in London Brent rose $3 a barrel to $46.32, The Financial Times reports.
If the Bureau of Land Management imposed new rules that cut down on natural gas venting and flaring on federal lands, taxpayers could get millions more in royalty payments, according to ads being run by the Western Values Project and Taxpayers for Common Sense, The Hill reports.
NASA is warning that ocean levels may rise three feet or more by the end of the century, with scientists attributing the change to melting glaciers, melting ice sheets and ocean expansion due to climate change, the Los Angeles Times reports.