Continued worries about oversupply coupled with concerns about Chinese economic woes translating into weaker demand, pressured oil prices Monday. West Texas Intermediate crude for December delivery lost 62 cents to settle at $43.98 a barrel on the Nymex, the lowest level since August 27, while in London, Brent fell 45 cents to $47.54, Marketwatch reports.
A continuing supply glut was reining in oil prices early Monday despite a “consolidation” ahead of the Federal Reserve meeting later in the week, analysts told Reuters. U.S. benchmark crude rose 24 cents to $44.84 a barrel in electronic trading on the Nymex, while in London Brent gained 25 cents to $48.24.
A surge in the dollar that followed news of China introducing stimulus measures in its economy helped pressure oil prices Friday. U.S. benchmark crude lost 78 cents, or 1.7 percent, to settle at $44.60 a barrel on the Nymex, while in London, Brent fell 9 cents to $47.99, The Wall Street Journal reports.
Positive data and the potential for stimulus moves by the European Central Bank helped support oil prices early Friday. U.S. benchmark crude was unchanged at $45.38 a barrel in electronic trading on the Nymex, while in London Brent gained 20 cents to $48.28, Reuters reports.
Bargain hunting in the wake of this week's steep slide helped oil prices recover some equilibrium Thursday, if only temporarily, following yesterday's report of a big build in stockpiles. West Texas Intermediate crude for December delivery rose 18 cents to settle at $45.38 a barrel on the Nymex, while in London, Brent ended 23 cents higher to $48.08, Marketwatch reports.
Oil was trading higher early Thursday following a drop the day before on Energy Information Administration reports of a jump in stockpiles. U.S. benchmark crude rose 40 cents to $45.60 a barrel in electronic trading on the Nymex, while in London Brent gained 38 cents to $48.23, Reuters reports.
A Wednesday meeting between OPEC and representatives from five other oil producing countries did not produce any agreement on production cuts, despite proposals from Venezuela to increase prices, Reuters reports.
Energy Information Administration data showing that crude stockpiles increased by 8 million barrels last week—a bigger number than expected—helped push oil prices to their lowest levels in three weeks Wednesday. U.S. benchmark crude lost $1.09, or 2.4 percent, to settle at $45.20 a barrel on the Nymex, while in London, Brent fell 86 cents to $47.85, Reuters reports.
The stocks of U.S. petroleum products increased last week, the Energy Information Administration reported, although the million barrel rise in crude stocks was less than analysts’ expected, while the jump in gasoline stocks exceeded predictions, according to Reuters.
Earthjustice filed court papers Tuesday on behalf of several environmental and health groups seeking to intervene to defend the Environmental Protection Agency’s lower ozone limits from a lawsuit brought by coal company Murray Energy, The Hill reports.
State Department climate envoy Todd Stern told a news conference that he’s thinking about the upside, not the downside, heading into a critical global conference on climate change policy that starts Monday, National Journal reports.
The plan for coal producer Walter Energy to emerge from bankruptcy is being fought by unions and the firm’s retired workers in Alabama, but a court Tuesday approved the company’s move to auction off assets, Reuters reports.
Acting to lower its credit rating for Pemex, Moody’s Investors Service pointed to the firm’s increasing debt and declining earnings, although Mexico’s national oil company responded by saying the move brings the agency in line with other ratings firms, The Wall Street Journal reports.
The White House and the billionaire conservative Koch brothers have been allies recently in moves to liberalize the nation’s criminal justice laws, but they are disagreeing over one measure that would require proof of suspects knowingly engaging in unlawful conduct, The New York Times reports, noting that such a move is alarming environmentalists.
According to a report released this week by the U.N. Office for Disaster Risk Reduction, weather-related disasters have caused more than 600,000 deaths and trillions of dollars in damages over the past 20 years, The New York Times reports.
A market-based approach for cutting vehicles’ greenhouse gas emissions—which could include mileage-based driver fees or emissions trading—is the goal as Connecticut, Delaware, New York, Rhode Island, Vermont, and the District of Columbia announced an agreement to work together on the issue, Reuters reports.