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.
Wall Street analysts monitored by Bloomberg say revived oil production and shipping in Libya and continued growth in U.S. production will likely lead to declining prices in the second half of the year.
The price of oil bounced back late Thursday and rose for the first time in two weeks.
Benchmark U.S. crude for August delivery gained 64 cents to $102.93 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, rose 54 cents to $109.01 on the ICE Futures exchange in London.
Oil prices extended losses Thursday as the outlook for supply remained robust.
Benchmark U.S. crude for August delivery was down 36 cents to $101.93 a barrel at 0940 GMT in electronic trading on the New York Mercantile Exchange. The contract fell $1.11 to close at $102.29 on Wednesday.
Brent crude, a benchmark for international oils, inched down 1 cent to $108.46 on the ICE exchange in London.
NEW YORK (AP) — The price of oil fell for the ninth straight day Wednesday as global supplies continue to flow despite unrest in the world's most important oil-producing region.
The prolonged drop could lead to lower gasoline prices for U.S. drivers in the weeks ahead.
U.S. benchmark crude fell $1.11 Wednesday to close at $102.29 in New York. That's slightly lower than the price on June 6, before insurgents seized the Iraqi city of Mosul, and 5 percent below the ten-month high of $107.26 reached June 20 at the height of concerns over the insurgency. Schork expects to see oil fall further, to under $100 per barrel, in the coming weeks.
TOKYO (AP) — Oil prices were steady Wednesday ahead of the release of figures on U.S. stockpiles of crude and refined fuels that will be a key indicator of expected demand.
Benchmark U.S. crude for August delivery was down 5 cents at $103.35 a barrel at 0805 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 13 cents to close at $103.40 on Tuesday.
The price of oil slipped closer to $103 a barrel Tuesday as concerns about supply disruptions continued to fade.
Benchmark U.S. crude for August delivery fell 13 cents to close at $103.40 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.30 to close at $108.94 on the ICE Futures exchange in London.
U.S. crude production next year will average 9.3 million barrels a day, the highest level since 1972, according to the short term outlook released Tuesday by the Energy Information Administration.
And it expects the role of imports will continue to shrink. The EIA said the share of consumption of crude brought in from outside the country will drop to 22 percent in 2015, the lowest level, noted Administrator Adam Sieminski, in 45 years.
Although Environmental Protection Agency Administrator Gina McCarthy hasn’t yet moved to lower limits on ozone levels following a recommendation from EPA's scientific advisers to do so, the National Association of Manufacturers is ramping up its campaign against the prospect with ads in the election battleground states of Kentucky, North Carolina and Colorado criticizing what it calls “unrealistic new ozone regulations,” The Hill reports.
A multimillion dollar campaign to promote the Keystone XL pipeline, which was funded by the Canadian taxpayer, had little impact on Americans who saw the ads, according to a government-mandated survey, CBC reports.
Stronger U.S. economic data Thursday – more home sales, fewer jobless claims and a higher manufacturing index – pointed to increasing demand, which boosted oil prices. West Texas Intermediate crude gained 51 cents to settle at $93.96 a barrel on the New York Mercantile Exchange, while in London Brent crude ended the trading session 35 cents higher to $102.63, Bloomberg reports.
The Environmental Defense Fund has joined with seven oil and gas companies on a project to develop better monitors for methane emissions, and will test four or five technologies at the Southwest Research Institute, FuelFix reports.
Three quarters of those who spoke out at a hearing on fracking before North Carolina’s Mining and Energy Commission Wednesday were against the practice, WNCT reports, noting that three more sessions are scheduled and the commission will make recommendations on modifying any regulations to the General Assembly in January.
The North Carolina Utilities Commission was justified in permitting Duke subsidiary Progress Energy to raise its electricity rates in 2013 and 2014, the state’s Supreme Court ruled Wednesday, The Associated Press reports.
The Missouri Public Service Commission voted 5-0 on Wednesday to deny a complaint from Noranda Aluminum, which was seeking a restructuring of Ameren Missouri’s electricity rates, but regulators suggested the companies continue to work on reaching a compromise, and also said the state legislature could weigh in on the matter, E&E reports.
The future for Direct Energy, a U.S. arm of British conglomerate Centrica, lies with bundling electricity services together with high tech equipment that helps customers to better control their energy usage, as well as generating their own with rooftop solar, CEO Badar Khan told Bloomberg, adding a prediction that utilities will increasingly face disruption to their traditional business models.
A district court judge in San Diego is due to decide Aug. 25 whether a group of around 110 U.S. military personnel who were deployed to assist Japan as it coped with the disaster at the Fukushima Dai-ichi nuclear plant can sue operator TEPCO for lying about radiation from the accident, The Guardian reports.