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Oil prices rise on hefty decline in US stockpiles

The price of oil is rising after U.S. crude inventories shrank more than expected for a fourth consecutive week.   Benchmark oil rose 31 cents to $97.15 per barrel Wednesday in New York. Brent crude fell 5 cents to $114.59 per barrel in London.   The government says crude inventories totaled 360.7 million barrels last… Continue Reading Oil prices rise on hefty decline in US stockpiles

  On signs of a slowing economy the price of oil fell Thursday.   In the U.S., shoppers cut back on spending last month as many retailers reported disappointing sales.   Meanwhile, Europe and China lowered interest rates in an effort to spark consumer borrowing and spending. Interest rate cuts — and the expectation that… Continue Reading Oil prices lower after gov’t says supplies fell

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Oil prices slip on weak retail sales

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Oil prices slipped about 1 percent to $82.55 Wednesday after weak retail sales showed continued weakness in the U.S. economy.   If consumers aren’t shopping, they aren’t likely to be driving.   The Commerce Department said Wednesday retail spending slipped 0.2 percent in May, following an identical decline in April. That’s a sign consumers are… Continue Reading Oil prices slip on weak retail sales

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Oil prices are mixed as investors weigh strong U.S. corporate earnings with ongoing concern about European debt. Benchmark U.S. crude rose Tuesday by 56 cents to $103.67 per barrel in New York. Brent crude, which is used to price international crudes, fell by 42 cents to $118.29 per barrel in London. Europe continues to be… Continue Reading Oil prices mixed; gasoline lower than a year ago

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Oil prices fall on growing U.S. supply

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Oil prices dropped Wednesday after the government said U.S. supplies grew more than expected last week. Benchmark West Texas Intermediate crude fell $1.42 to $102.78 per barrel in New York, while Brent crude lost $1.88 to $116.90 per barrel in London. The Energy Information Administration reported that U.S. crude oil supplies grew by 3.9 million… Continue Reading Oil prices fall on growing U.S. supply

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Oil prices creep up near 2011 highs

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Oil prices are approaching last year’s highs as tensions increase over Iran’s nuclear program. The rise pushed gasoline prices on Friday to a national average of $3.65 per gallon, the highest ever for this time of year. Western nations fear Iran is building a weapon and have been trying to force it to open its… Continue Reading Oil prices creep up near 2011 highs

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Oil prices are falling as concerns about Europe outweigh positive U.S. employment numbers. Benchmark crude fell by 53 cents to $101.31 per barrel in New York. Brent crude, which is used to price foreign oil varieties that are imported by American refineries, lost 24 cents at $112.50 per barrel in London. Prices dropped as traders… Continue Reading Oil prices fall on concerns about European economy

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Oil prices fall sharply on fears of slow growth

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Oil prices fell nearly two percent Monday over fears that the world economy will remain weak and push down demand for crude. West Texas Intermediate oil, which is used as a benchmark to price oil in much of the U.S., fell $1.30 to $96.37 in midday trading in New York. Brent crude, which is used… Continue Reading Oil prices fall sharply on fears of slow growth

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Oil price rises on US jobs report

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Oil is rising as investors turned their attention from Europe’s debt struggles to encouraging news about the U.S. economy. Benchmark crude rose $1.01 to $93.20 per barrel on Wednesday morning in New York, while Brent crude added $1.68 at $111.22 in London. Prices rose following a report that said the private sector added 111,000 jobs… Continue Reading Oil price rises on US jobs report

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Oil price falls with stocks on Europe worries

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Oil dropped Tuesday with the stock market as a surprise referendum in Greece threatened to derail a plan to bolster Europe’s banks. Benchmark crude fell $2.64, or 2.8 percent, to $90.55 per barrel in late morning trading on the New York Mercantile Exchange. In London, Brent crude lost $1.80 at $107.76. Prices dropped after Greece’s… Continue Reading Oil price falls with stocks on Europe worries

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