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Oil prices drop despite Ukraine, Gaza worries NEW YORK: Oil prices fell modestly on Tuesday despite geopolitical tensions over war-torn Ukraine and a raging battle in the Gaza Strip.The US benchmark, West Texas Intermediate (WTI) for August, dipped 17 cents to close at $104.42 a barrel on the contract's final day of trade on the New York Mercantile Exchange.Brent North Sea crude for delivery in September fell 35 cents to settle at $107.33 a barrel in London trade."The rebound that we've seen in the last days seems to have run its course," said Gene McGillian of Tradition Energy.On Monday, WTI pushed $1.46 higher amid anxiety about fighting in Ukraine between government forces and pro-Russia separatists and the battle between Israel and Palestinians in the Gaza Strip.European Union foreign ministers agreed Tuesday to speed up wider sanctions against Russia and to examine tougher measures, including in the defense sector, after the downing of Malaysia Airlines flight MH17 allegedly ...

Mexico approves oil and gas reform legislation MEXICO CITY: Mexico's Senate has approved legislation to implement historic constitutional reform that would open the country's oil and gas industry to foreign investment for the first time since 1938.In an 85-26 vote, lawmakers passed the last of four packages of laws Monday to end the monopoly held by state oil company Pemex for 75 years in the exploration and exploitation of energy resources.The Chamber of Deputies must now vote on the measures, which the ...
Oil up on tight US supplies, fears over Ukraine, Gaza NEW YORK: Tight petroleum supplies in the US and anxiety about fighting in Ukraine and Gaza pushed oil prices higher Monday.US benchmark contract West Texas Intermediate for August delivery jumped $1.46 to $104.59 on the New York Mercantile Exchange.European benchmark Brent oil for September delivery rose 44 cents to $107.68 a barrel in London.Analysts said recent US oil inventory reports showing lower crude supplies were major factors behind Monday's higher prices.Refiners, particularly in the Gulf ...
Oil prices slip amid Ukraine, Gaza tensions NEW YORK: Oil prices slipped on Friday, one day after a Malaysia Airlines passenger plane was shot down in battle-torn eastern Ukraine and Israel began a ground assault in Gaza.New York's benchmark West Texas Intermediate (WTI) for August closed at $103.13 a barrel, down six cents from Thursday's closing level.In London, Brent North Sea for delivery in September fell 65 cents to settle at $107.24 a barrel.Despite WTI's price dip, the key futures contract has ...
Rosneft CEO Sechin says US sanctions on company are illegal BRASILIA: Rosneft Oil Co Chief Executive Officer Igor Sechin said on Wednesday that US sanctions on the Russian state-controlled energy company are illegal because it has no role in the crisis in Ukraine. Sechin said the sanctions will damage the interests of shareholders of US companies and banks working with Rosneft, though they would have no impact on joint projects that Rosneft currently has with Exxon Mobil Corp in Russia.Due to what it views as ...
US oil prices rise following bullish inventory report NEW YORK: Oil prices shot back above $100 a barrel in New York after a US petroleum inventory report showed a big drop in crude stocks and higher refinery activity levels.US benchmark West Texas Intermediate for August delivery gained $1.25 to close at $101.20 a barrel on the New York Mercantile Exchange. WTI Tuesday had closed below $100 for the first time in two months.European benchmark Brent oil for delivery in August fell 17 cents ...
US oil below $100 for first time in two months NEW YORK: Global oil prices dropped on Tuesday, with the US futures contract sinking below $100 for the first time since May on receding worries about Iraq supply disruptions.US benchmark West Texas Intermediate for August fell 95 cents to close at $99.96 a barrel on the New York Stock Exchange. WTI had not finished below the century mark since May 9.Brent North Sea for delivery in August sank 96 cents from Monday, settling at $106.02 ...

 



 
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