The price of oil rose more than a $1 for the third time in the last four trading days, and closed above $104 for the first time since July 3.
Benchmark U.S. crude for August delivery rose $1.46 to $104.59 on the New York Mercantile Exchange. On Friday, the Nymex contract fell 6 cents to $103.13. Oil has gained 4.6 percent over the past four trading sessions.
Brent crude for September delivery, a benchmark for international oils, gained 44 cents to $107.68 on the ICE exchange in London.
WASHINGTON (AP) — Rising gasoline costs pushed up the prices U.S. companies receive for their goods and services in June, but overall inflation remains tame.
The Labor Department said Wednesday that the producer price index, which measures the cost of goods and services before they reach the consumer, rose 0.4 percent last month. The increase follows a 0.2 percent decrease in May.
Energy market analysts at GasBuddy projected that falling crude prices could push the average price of a gallon of gasoline down by 10 to 20 cents, adding to price drops that have brought the average below $3.60 per gallon, FuelFix reports.
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.
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.
Gasoline prices are at their highest for a July 4th weekend in six years, but the Energy Department stressed on Wednesday that they are still below annual peaks set in the last three years and are likely to fall if Iraqi oil exports remain steady.
That may be small comfort for drivers at the pump, who are paying, on average, 20 cents more per gallon compared to a year ago.
But it could be worse: The national average price for regular unleaded of $3.70 on Monday was still a penny below this year's high set on Apr. 29, the Energy Information Administration said.
A bill introduced last week by Sen. Bernie Sanders, I-Vt., that would order the Commodity Futures Trading Commission to act to prevent speculation that drives up prices for oil and gasoline is unlikely to progress, National Journal reports, noting that regulation prompted by the Dodd-Frank Wall Street Reform Act of 2010 may have more of an impact.
U.S crude prices racked up their first weekly gain since September, as news that China cut interest rates to boost its economy raised expectations of increased oil demand in the future. West Texas Intermediate crude for January delivery was up 66 cents to finish Friday’s Nymex session at $76.51 a barrel, while in London Brent jumped $1.03 to settle at $80.36, Bloomberg reports.
Royal Dutch Shell, Hess Corp., Exxon Mobil Corp. and Chevron Corp. are among major oil companies with new drilling projects in the Gulf of Mexico, a number in deep water, although a continued decline in oil prices could slow development, The Wall Street Journal reports.
Phillips 66 Partners and Paradigm Energy Partners will join forces to construct the 76-mile Sacagawea Pipeline and a 710-acre rail terminal aimed at transporting Bakken crude from North Dakota more effectively, FuelFix reports.
Customers will see substantially higher energy prices as a result of the Environmental Protection Agency’s rule to curb carbon emissions from existing power plants, according to a study commissioned by coal company Peabody Energy and conducted by Energy Ventures Analysis, which offers a state-by-state breakdown of costs, the San Antonio Business Journal reports.
Rep. Raul Grijalva, D-Ariz., is expected to carry the flag for environmental issues -- fighting climate change, in particular -- as he becomes his party’s ranking member on the House Natural Resources Committee in the next Congress, E&E reports.
No matter the winners in significant battleground states in the 2014 elections, voters there support the fight against climate change, the Sierra Club said, citing statistics from a poll conducted by Hart Research Associates, The Hill reports.
Most Americans believe poorer, less developed parts of the world will bear the brunt of climate change, rather than the U.S., according to a survey conducted by the Public Religion Research Institute and the American Academy of Religion, E&E reports.
The world spent less money -- $331 billion -- on fighting climate change in 2013, the second year in a row the figure dropped, according to a study from the Climate Policy Initiative, which attributed the fall in part to the lower cost of solar energy, Reuters reports.
Only 3.87 billion cubic meters of natural gas heading to Europe from Russia moved through pipelines in Ukraine in October, a little over half of the amount transiting in the year-ago period, Platts reports.