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Wednesday, October 28, 2020
Business Oil prices ease but remain elevated

Oil prices ease but remain elevated

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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.

The Associated Press

Oil prices fell further Monday as concern about Ukraine eased but still were elevated on anxiety about the Middle East.

Prices rose last week on fears stemming from the escalating crisis in Ukraine and Israel’s offensive in Gaza, though analysts said the likelihood of disruption in supplies was small.

Benchmark U.S. crude for August delivery was down 32 cents to $102.81 per barrel at 0730 GMT in electronic trading on the New York Mercantile Exchange. That added to a 6 cent decline on Friday to $103.13.

Brent crude for September delivery, a benchmark for international oils, gave up 30 cents to $106.94 on the ICE exchange in London.

Washington announced new sanctions last Wednesday on Russia, including its biggest oil company, over Moscow’s support for separatist forces in Ukraine.

On Thursday, a Malaysia Airlines jetliner was shot down in Ukraine, raising concern a possible Western response might disrupt Russian oil exports, but those fears have eased.

Israel’s offensive into Gaza intensified turmoil in the Middle East, the world’s most important oil-producing region, rattling markets.

In other Nymex trading:

— Wholesale gasoline fell 0.3 cent to $2.838 a gallon.

— Natural gas fell 7.8 cents to $3.873 per 1,000 cubic feet.

— Heating oil gained 0.4 cent to $2.862 a gallon.

 

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