Oil surges to near $103 as US stockpiles fall - WDRB 41 Louisville News

Oil surges to near $103 as US stockpiles fall

Posted: Updated:
  • U.S. & World NewsMore>>

  • Survey finds sharp increase in teen use of HGH

    Survey finds sharp increase in teen use of HGH

    Wednesday, July 23 2014 1:22 AM EDT2014-07-23 05:22:35 GMT
    Experimentation with human growth hormones by America's teens more than doubled in the past year, as more young people looked to drugs to boost their athletic performance and improve their looks, according to a...More >>
    Experimentation with human growth hormones by America's teens more than doubled in the past year, as more young people looked to drugs to boost their athletic performance and improve their looks, according to a new,...More >>
  • SEC poised to end $1 a share for some money funds

    SEC poised to end $1 a share for some money funds

    Wednesday, July 23 2014 1:10 AM EDT2014-07-23 05:10:56 GMT
    Regulators are expected to vote Wednesday to end a longtime staple of the investment industry - the fixed $1 share price for money-market mutual funds - at least for some money funds used by big investors.More >>
    Regulators are expected to vote Wednesday to end a longtime staple of the investment industry - the fixed $1 share price for money-market mutual funds - at least for some money funds used by big investors.More >>
  • US: Russia 'created the conditions' for shoot-down

    US: Russia 'created the conditions' for shoot-down

    Wednesday, July 23 2014 12:33 AM EDT2014-07-23 04:33:53 GMT
    The Obama administration said Tuesday it would present data from the U.S. intelligence community laying out what's known about the Malaysia Airlines plane that was shot down in Ukraine.More >>
    Senior U.S. intelligence officials said Tuesday that Russia was responsible for "creating the conditions" that led to the shooting down of Malaysia Airlines Flight 17, but they offered no evidence of direct Russian...More >>
By PABLO GORONDI
Associated Press

The price of oil surged to near $103 a barrel Thursday after a U.S. inventories report showed a larger-than-expected drop in crude oil supplies.

By early afternoon in Europe, benchmark U.S. crude for August delivery was up $1.64 at $102.84 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, the Nymex contract added $1.24 to close at $101.20.

On Wednesday, the U.S. Energy Information Administration said U.S. crude oil inventories fell by 7.5 million barrels to 375 million barrels in the week of July 11. The fall was bigger than expected and attributed to increased refinery activity. Analysts had forecast a drop of 3 million barrels, according to a survey by Platts, the energy information arm of McGraw Hill Financial.

Last month, supply concerns caused by conflicts in Iraq jacked up the price of oil to above $107 per barrel. But the price drifted lower as Iraqi insurgents failed to advance and oil exports remained unaffected. Libya's comeback to the oil market also pushed down prices, though experts remained cautious.

"The performance of oil prices in the next few weeks is likely to be dictated above all by the development of Libyan oil supply," said a note to clients from analysts at Commerzbank in Frankfurt. "Since it will doubtless take some weeks before the oil terminals are fully operational again, the oil supply from Libya is unlikely to increase noticeably in the short term."

New sanctions announced by Washington against Russia over the conflict in Ukraine were seen giving some support to prices, though their impact wasn't expected to be immediately significant. Energy firms Novatek and Rosneft have been barred from getting long-term loans from U.S. entities.

Brent crude, a benchmark for international oils, was up 87 cents to $108.04 on the ICE Futures exchange in London.

In other Nymex trading:

- Wholesale gasoline was down 0.38 cent to $2.852 a gallon.

- Natural gas dropped 6.4 cents to $4.055 per 1,000 cubic feet.

- Heating oil rose 1.26 cents to $2.882 a gallon.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • NationalMore>>

  • Survey finds sharp increase in teen use of HGH

    Survey finds sharp increase in teen use of HGH

    Wednesday, July 23 2014 1:22 AM EDT2014-07-23 05:22:35 GMT
    Experimentation with human growth hormones by America's teens more than doubled in the past year, as more young people looked to drugs to boost their athletic performance and improve their looks, according to a...More >>
    Experimentation with human growth hormones by America's teens more than doubled in the past year, as more young people looked to drugs to boost their athletic performance and improve their looks, according to a new,...More >>
  • CEO: Clippers coach to quit if Sterling stays

    CEO: Clippers coach to quit if Sterling stays

    Wednesday, July 23 2014 12:03 AM EDT2014-07-23 04:03:50 GMT
    Richard Parsons, the interim CEO of the Los Angeles Clippers, is due to step into the battle of billionaires going on in probate court over the proposed sale of the Los Angeles Clippers.More >>
    The interim CEO of the Los Angeles Clippers testified Tuesday that coach Doc Rivers told him he will quit if Donald Sterling remains the owner of the team.More >>
  • Perdue defeats Kingston in Georgia Senate runoff

    Perdue defeats Kingston in Georgia Senate runoff

    Tuesday, July 22 2014 11:46 PM EDT2014-07-23 03:46:40 GMT
    After a bruising nine-week runoff campaign, Georgia Republicans will finally have their Senate nominee who will compete against Democrat Michelle Nunn for a seat the GOP can ill afford to lose as the party looks to...More >>
    Businessman David Perdue has defeated longtime Rep. Jack Kingston in the Republican runoff for Georgia's U.S. Senate nomination, setting up a matchup against Democratic nominee Michelle Nunn that will help determine...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.