Despite increasing violence in parts of Libya including the capital, a tanker has arrived in Brega and should leave next week bound for Genoa loaded with 750,000 barrels of crude, the port said on its Facebook page, according to The Wall Street Journal.
The price of oil slipped below $102 a barrel on Friday, falling for a second day after spiking on lower U.S. inventories and tensions in the Ukraine and the Middle East.
Benchmark U.S. crude for September delivery was down 10 cents to $101.97 at 0555 GMT in electronic trading on the New York Mercantile Exchange. The contract dropped $1.05 to close at $102.07 a barrel on Thursday.
Brent crude, a benchmark for international oils, rose 13 cents to $107.20 in trading on the ICE exchange in London.
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.
Moves by the Commerce Department to allow Pioneer Natural Resources Ltd. and Enterprise Products Partners LP to export lightly processed crude known as condensate are being “held without action,” sources told Reuters, which says the delay may give the agency more time to put together comprehensive guidelines.
Concerns about the shutdown of the Coffeyville refinery in Kansas after a fire pressured U.S. crude prices, benchmark WTI for September delivery dropped 70 cents to $100.97 while in London Brent crude gained on the announcement of fresh Russia sanctions, up 15 cents to $107.72, Bloomberg reports.
As violence in Libya worsens, shelling between rival militias at Tripoli airport has seen a third fuel storage tank set on fire, while the U.S. has already evacuated its embassy staff, Bloomberg reports.
Commerce Department moves to increase duties on many solar panels coming from China and Taiwan could hurt the industry in the U.S., according to warnings from Canadian companies Canadian Solar Inc. and Trina Solar Ltd., The Wall Street Journal reports.
At least six members of the Secretary of Energy Advisory Board, which makes policy recommendations to Energy Secretary Ernest Moniz, have had their financial conflicts of interest waived by the Department so that they can serve, according to documents obtained by E&E through the Freedom of Information Act.
American Electric Power Co.'s failure to reach its 2008 sales figures in the years since is an example of how utilities will have to rethink their traditional assumptions that demand for electricity will increase in the future, The Wall Street Journal reports.
Demand for drilling and production equipment is up at National Oilwell Varco and is likely to stay that way, according to chief Clay Williams, as the company reported a 17 percent gain in profit in the second quarter compared to a year earlier, FuelFix reports.
Canada’s Talisman Energy refused comment on details of its negotiations with Spanish oil giant Repsol, even as the company reported a second quarter loss of $237 million on lower gas prices and higher royalty payments, Reuters reports.
Senate Budget Committee chair Sen. Patty Murray, D-Wash., said Tuesday that long term budgets don’t reflect climate change costs, while Sens. Ron Johnson, R-Wisc., and Angus King, I-Me., debated over the impact of carbon emissions on climate change, The Hill reports.