62.6 F
Fort Worth
Saturday, December 5, 2020
Energy Oil falls below $102 on US shutdown notice

Oil falls below $102 on US shutdown notice

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude oil for...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in Texas later...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the company, reducing...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision to not cut oil production and...
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

PAMELA SAMPSON, AP Business Writer

BANGKOK (AP) — The price of oil fell Tuesday after parts of the U.S. government were ordered to shut down because of a budget impasse in Washington.

Benchmark oil for November delivery dropped 35 cents to $101.99 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 54 cents to close at $102.33 on Monday after trading as low as $101.05.

Just as the U.S. economy is struggling to expand, infighting among U.S. lawmakers is threatening to slow growth even further. On Monday, the last day of the current budget year, Congress failed to reach a critical agreement on short-term funding. That means some of the government must halt operations.

Separately, the government will run out of money to pay its bills by late October unless Congress raises the federal borrowing cap. Typically, lower spending is a negative for oil prices.

“When you’re in a time of lower funding and money, you tend to cut things like travel,” said Evan Lucas, market analyst at IG in Melbourne, Australia.

After climbing to over $110 in late August, the price of oil has fallen as diplomacy aimed at Syria and Iran eased concerns about Middle East supplies.

“Considering there was a big run-up in oil prices two weeks ago, it’s just a bit of a correction,” Lucas said.

Brent crude, the benchmark for international crudes used by many U.S. refineries, fell 64 cents to $107.73 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 1 cent to $2.618 per gallon.

— Natural gas lost 2 cents to $3.54 per 1,000 cubic feet.

— Heating oil retreated 1.1 cents to $2.961 per gallon.

 


close






Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Federal loans helped more than 400,000 Texas companies retain workers during the pandemic, new data shows

HOUSTON — The most complete picture so far of the federal program designed to keep businesses afloat during the coronavirus pandemic was revealed this...

DeVos suspends student federal loan payments through January

The Trump administration on Friday suspended all federal student loan payments through the end of January and kept interest rates at 0%, extending a...

COVID-19 relief: What’s on the table as Congress seeks deal

WASHINGTON (AP) — After numerous fits and starts and months of inaction, optimism is finally building in Washington for a COVID-19 aid bill that...

Granger reelected as lead Republican on the House Appropriations Committee

U.S. Rep. Kay Granger, R-Fort Worth, has been reelected by members of the House Republican Steering Committee to serve as Lead Republican of the...

Optimism growing for COVID relief bill as pressure builds

By ANDREW TAYLOR Associated Press WASHINGTON (AP) — Optimism about delivering long-sought COVID-19 relief is building on Capitol Hill after additional rank-and-file lawmakers voiced support...