NEW YORK (AP) — Europe's latest attempt to revive its economy drove the price of oil 2 percent higher Friday, reversing a sharp, two-day drop.
Benchmark U.S. crude finished at $79.76 per barrel in New York. Crude is still down more than 5 percent for the week, however. Brent crude, which is used to price oil imported by many U.S. refineries, climbed $1.75 to end at $90.98 a barrel in London.
NEW YORK (AP) — Beset by global economic fears, the price of oil plunged Thursday, hitting its lowest level in almost nine months.
Crude for August delivery fell $3.25, or 4 percent, to settle at $78.20 per barrel on the New York Mercantile Exchange. That's down almost 30 percent from a peak in February. It could keep falling if the U.S. and world economies continue to sputter.
SINGAPORE (AP) — Oil dropped below $83 a barrel Tuesday in Asia as traders closely watched talks between Iran and six world powers over the Middle Eastern country's nuclear program.
Benchmark oil for July delivery was down 36 cents to $82.91 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 76 cents to settle at $83.27 in New York on Monday.
In London, Brent crude for August delivery was down 48 cents at $95.57 per barrel on the ICE Futures exchange.
SINGAPORE (AP) —Oil hovered above $84 a barrel Monday in Asia after Greek election results suggested the country will stay in the euro common currency, reducing the risk of a major upheaval in financial markets and the world economy.
Benchmark oil for July delivery was up 23 cents to $84.26 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 12 cents to settle at $84.03 in New York on Friday.
In London, Brent crude for August delivery was up 58 cents at $98.19 per barrel on the ICE Futures exchange.
Greece consumes a small amount of the world's oil. But it could have a big effect on the price of crude next week.
The nation holds an election Sunday, and Greeks could pick a government that wants to stop using the euro as its currency. That could spawn turmoil in global markets, including oil.
SINGAPORE (AP) — Oil rose to near $85 a barrel Friday in Asia, boosted by a global stock market rally and a stronger euro.
Benchmark oil for July delivery was up 65 cents to $84.56 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.29 to settle at $83.91 in New York on Thursday.
In London, Brent crude for August delivery was up 67 cents at $97.84 per barrel on the ICE Futures exchange.
Hopes that the Federal Reserve will do more to support the U.S. economy drove oil to its biggest gain in two months on Thursday. Meanwhile, natural gas rose the most since January 2010 on signs of increased use of the fuel by utilities.
Speculation that the Fed will announce new steps to boost the economy grew after government reports showed that hiring is still weak while inflation remains in check. Any boost to the economy should increase demand for oil, gasoline and diesel fuel.
SINGAPORE (AP) — Oil hovered below $83 a barrel Thursday in Asia as some OPEC members push for the group to cut crude production amid falling prices.
Benchmark oil for July delivery was up 15 cents to $82.77 per barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 60 cents to settle at $82.62 in New York on Wednesday.
In London, Brent crude for July delivery was up 23 cents at $96.95 per barrel on the ICE Futures exchange.
BP's annual report on world energy finds that the worldwide price of oil peaked at record levels in 2011, while Saudi Arabia increased supplies and demand was normal, Fuelfix reports.
The price of benchmark U.S. oil rose ahead of a key OPEC meeting that could become a showdown between Saudi Arabia and Iran over how much oil the organization is producing.
U.S. crude oil rose 62 cents to finish at $83.32 per barrel Tuesday in New York. Brent crude, which is used to price international varieties of oil, fell 86 cents to $97.14 per barrel. Brent's price has fallen about 23 percent since reaching a high of $126.22 for the year in March.
The planned Cape Wind offshore project in Massachusetts won a $200 million commitment from Denmark's public pension fund, The Wall Street Journal reports.
Sen. Lamar Alexander, R-Tenn., pledged to push a vote to complete the Yucca Mountain nuclear waste facility in Nevada if Senate Majority Leader Harry Reid, D-Nev., moves to limit filibusters, Roll Call reports.
The Army Corps of Engineers said it would not conduct a cumulative environmental review of three coal export terminals or consider overseas climate change impact in its reviews, E&E reports.
Legal experts say U.S. natural gas companies could file lawsuits against the Energy Department to speed decisions on liquefied natural gas exports, Reuters reports.
House Appropriations Committee Democrats criticized Republicans for cutting Energy Department spending on renewable energy by 50 percent, The Hill reports.
A communique released at the close of the G8 summit expresses leaders' concerns over climate change and pledges support for a new international climate change treaty in 2015, Business Green reports.
The Senate Energy and Natural Resources Committee advanced a bill to open parts of Alaska's Tongass National Forest to timber development, KTOO reports.
