The price of oil declined Thursday but stayed above $100 a barrel after data showed subdued imports by China, the world's largest crude consumer.
China's customs data showed that imports rose 0.8 percent in April. That's an improvement from the previous month's 11.3 percent decline, but still weak.
Benchmark U.S. crude for June delivery fell 51 cents to close at $100.26 a barrel in New York. Brent crude, a benchmark for international varieties of oil used by many U.S. refineries, fell 9 cents to close at $108.04 in London. The previous day, U.S. crude jumped $1.27 after a surprise decline in the nation's stockpiles.
The price of oil fell slightly Monday, after a report showed a fourth month of contraction in China's manufacturing sector.
Benchmark U.S. crude for June delivery fell 28 cents to close at $99.48 a barrel. Brent crude, a benchmark for international varieties of oil, dropped 87 cents to $107.72 on the ICE Futures exchange in London.
Meanwhile, it's getting cheaper to buy gasoline in the U.S., and one popular price-watching site says prices have hit their springtime peak.
CAMARILLO, Calif. (AP) — The average price of a gallon of regular gasoline in the U.S. rose 3 cents, to $3.72, during the past two weeks, marking the 12th straight week of price hikes at the pump.
That's according to a survey released Sunday.
Industry analyst Trilby Lundberg says gas prices are about to tumble, however, as crude oil and wholesale gasoline prices have started falling due to higher-than-expected crude output in Libya and ample U.S. crude oil stocks and ramped up production of gasoline.
When asked about energy, more Americans expressed concern about the cost of gasoline and electricity, and fewer worried about the impact of drilling and fracking on the environment, according to a University of Texas poll conducted in early March, FuelFix reports.
The price of U.S. oil inched slightly higher Monday but global oil fell more than 1 percent on expectations of increased exports from Libya.
U.S. crude for June delivery rose 24 cents to close at $100.84 a barrel in New York. Brent crude, an international benchmark used to price oil used by many U.S. refineries, fell $1.46, or 1.3 percent, to close at $108.12 in London.
Brent fell on news that Libya would soon resume exports from a 70,000 barrel-per-day terminal that had been occupied by rebels. Libya has struggled to deliver steady oil exports in the three years since the ouster of former leader Moammar Gadhafi. Libya's exports are roughly 220,000 barrels a day, down from 1.4 million barrels a day a year ago.
The price of oil rose to near $102 a barrel Thursday on worries about tensions in Ukraine.
Benchmark U.S. crude for June delivery rose 50 cents to close at $101.94 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark for oil, gained $1.22 to $110.33 a barrel on the ICE Futures exchange in London.
CAMARILLO, Calif. (AP) — Industry analyst Trilby Lundberg says the average U.S. price of gasoline has jumped 9 cents a gallon in the past two weeks, bringing the total increase to 40 cents over 10 weeks.
According to the Lundberg Survey released Sunday, the average for a gallon of regular is now $3.69. Midgrade averages $3.88 and premium is $4.02.
CHARLOTTE, N.C. (AP) — Motorists across the Carolinas are hoping the oil industry will soon put the brakes on rising gasoline prices.
AAA Carolinas says the average price of gas in North Carolina has jumped 15 cents in the last month from $3.38 on March 8 to $3.53 on Tuesday. It says in South Carolina the increase was 17 cents, from $3.19 a month ago to $3.36 on Tuesday.
The auto club says North Carolinians are paying the highest price for gas since last July 27, when the state average was $3.54. After starting 2014 at $3.31, gas prices fell to a year-low of $3.28 on Feb. 8 before starting to rise.
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.