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.
Higher gasoline sales may translate into a higher Renewable Fuel Standard, Environmental Protection Agency Administrator Gina McCarthy told an investors’ conference in New York, although she didn’t provide any specific figures, Bloomberg reports.
Worry that weak manufacturing data from China and Europe might slow global demand weighed on oil prices Tuesday, as did a strong dollar. WTI for October delivery plunged $3.08, or 3.2 percent, to settle at $92.88 a barrel on the New York Mercantile Exchange, while in London Brent crude slumped $2.45 to hit a 16-month low of $100.34 a barrel, Bloomberg reports.
Republicans from the House Oversight and Government Reform Committee as well as the Senate Environment and Public Works Committee -- who are investigating the influence the Natural Resources Defense Council has on Environmental Protection Agency policy decisions in the wake of a New York Times story on the issue -- have written to the regulators and the environmental advocacy group demanding that they turn over documents, The Hill reports.
The first half of 2014 saw the country’s electricity prices -– averaging 12.3 cents per kilowatt hour -- increasing faster than they have for the last five years, according to statistics from the Energy Information Administration, The Hill reports.
Texas has enough generating capacity to handle autumn demand including potential emergencies, the Electric Reliability Council of Texas said Tuesday, adding that preliminary projections figure the same for winter as well, barring a period of unusually high demand that also coincides with fuel shortages, Platts reports.
George P. Bush, a candidate for Texas Land Commissioner, told the Texas Tribune in an interview that he believes climate change poses a serious threat for the state, particularly from Gulf coast flooding, adding that he supports more reliance on natural gas and renewable energy for electricity.
Project on Government Oversight investigator Michael Smallberg says Department of Energy waivers allowing national lab consultants to serve on DOE’s Commission to Review the Effectiveness of the National Energy Laboratories run counter to the panel's mandate from Congress, according to E&E, which provides details of the waivers revealed through a Freedom of Information Act request.
Pam Haze, who retired Friday after decades of government service, was the top career budget official at the Interior Department for the past six years, winning plaudits from both sides of the aisle on Capitol Hill, E&E reports.
The Environmental Protection Agency and the Texas Commission on Environmental Quality have both approved permits for the Formosa Plastics Corp. to start work on expanding its Port Comfort petrochemical facility to include a unit to convert propane to propylene, as well as an ethane cracker, a company spokesman told FuelFix.