The price of oil fell Thursday, giving back part of its sizeable jump the day before, despite improvement in Chinese manufacturing.
Benchmark U.S. crude for September delivery was down 16 cents at $102.96 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange. The contract gained delivery gained 73 cents to $103.12 on Wednesday after data released by the Energy Department Wednesday showed a drop in U.S. crude inventories that was more than double what analysts had expected.
Brent crude for September delivery, a benchmark for international oils, was down 14 cents to $107.89 on the ICE Futures exchange in London.
The price of oil rose Wednesday after the government reported that U.S. oil supplies rose more than expected.
The benchmark U.S. oil contract for September delivery gained 73 cents to $103.12 a barrel on the New York Mercantile Exchange. Brent crude for September delivery, a benchmark for international oils, rose 70 cents to $108.03 on the ICE Futures exchange in London.
The Energy Department reported that U.S. oil supplies fell by 4 million barrels last week, a sharper decline than the 2.6 million barrels expected by analysts surveyed by Platts, the energy information arm of McGraw-Hill Financial.
A spokesman for Libya’s National Oil Corporation said the country’s output dropped from around 555,000 barrels per day Thursday to 450,000 barrels per day Monday as fighting in Tripoli was continuing and conflict in Benghazi escalating, Reuters reports.
Libya’s National Oil Co., which is run by the state, said the first export from the restarted Shahara oil field was expected Monday, despite continuing fighting at Tripoli airport, The Wall Street Journal reports.
In an annual statistic report, OPEC reported that its total crude oil production fell 2.5 percent in 2013, and its total market share fell 1.2 percent from 2012 levels, The Wall Street Journal reports.
Oil production is recovering more quickly than expected, with the country producing a five-month high of 600,000 barrels per day; however, that figure is less than half of the country's normal output of 1.6 million barrels per day, The Wall Street Journal reports.
An Energy Department inspector general report found that delayed maintenance is causing capacity problems for the U.S. Strategic Petroleum Reserve, a problem for officials overseeing quick drawdowns of the supply, Reuters reports.
Libyan oil production is returning at a higher pace than expected, up to 554,000 barrels a day, with output from the Sharara oil field growing, despite government battles with rebels at an airport in Tripoli, The Wall Street Journal reports.
Trying to phase out old DOT-111 tank cars within two years, as proposed in new Department of Transportation regulations, could trigger a shortage and hurt oil and ethanol production, industry officials warned, Platts reports.
The Environmental Protection Agency, ahead of four public hearings set for next week on its proposed rule to limit carbon emissions from existing power plants, says it has already received 300,000 comments on the regulation, The Hill reports.
Texas and Oklahoma -- states that are home to some of the biggest critics of President Obama’s climate policy – would have the most to gain from his administration’s proposed carbon rule because of the boost it would provide the natural gas industry, according to a study being released Thursday by the Center for Strategic and International Studies and the Rhodium Group, The New York Times reports.
Canada’s Talisman Energy has confirmed that it’s in talks to sell some of its assets to Spain’s Repsol, which analysts speculate may include interests in Marcellus Shale and Eagle Ford Shale, The Wall Street Journal reports.
Sen. John Hoeven, R-N.D., says the latest measure he’s introduced to speed Energy Department consideration of LNG export permits –- which would require action within 45 days of a preliminary application being filed with the Federal Energy regulatory Commission -– is a good compromise on the issue, The Hill reports.
Carbon capture should begin at the Kemper County Energy Facility in the fall, and operations at the coal-fired plant are on track for a May start date, according to officials of Southern Co. subsidiary Mississippi Power, E&E reports.
The installation in Texas of a massive transmission system for wind energy, which can handle up to 18,000 megawatts, has encouraged development of clusters of wind farms in its competitive renewable energy zones, The New York Times reports.
Renewable energy advocates attending a public meeting Wednesday asked the Utah Public Service Commission to reject an application from Rocky Mountain Power to charge customers with solar panels an extra fee, the Deseret News reports.
Staff and former members of the Chemical Safety Board continue to paint a picture of an agency in turmoil even as Chairman Rafael Moure-Eraso maintains the CSB is getting its workload under control, National Journal reports.