Subscribe free to our newsletters via your
. Oil and Gas News .




OIL AND GAS
Crude oil prices slide on last day of 2014
by Daniel J. Graeber
New York (UPI) Dec 31, 2014


disclaimer: image is for illustration purposes only

Crude oil prices were pummeled in the early Wednesday session on dueling reports showing growing evolution in the U.S. oil market.

West Texas Intermediate, the U.S. price index, fell nearly 2.8 percent below the close from the previous session to trade at $52.61 per barrel for the February contract. Brent, the global benchmark, was off nearly 3 percent from the previous day to trade at $57.90 per barrel.

Crude oil prices this week saw a brief rally early Monday on word oil storage tanks in Libya were burning out of control following rebel action. Once a major market swinger, the glut of oil from the United States may be driving market mechanisms more than Libyan shortages.

The American Petroleum Institute this week said total U.S. oil production was around 9.1 million barrels per day, far outpacing Libya's peak. The U.S. Energy Information Administration in a monthly petroleum report, meanwhile, said total imports into the U.S. market declined by 5 percent in October and 4 percent year-on-year.

Imports from Canada, the No. 1 oil supplier to the U.S. market, were down for the month, as was the amount from Saudi Arabia, the kingpin at the Organization of Petroleum Exporting Countries.

OPEC's November decision to keep production static is in part behind the slump in oil prices. Markets early Wednesday may be reacting to a U.S. Commerce Department report saying U.S. oil exports may be increasing under certain scenarios.

OPEC's decision was seen in some trading circles as an effort to stifle U.S. production.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








OIL AND GAS
Libya pro-government forces shoot down militia chopper
Benghazi, Libya (AFP) Dec 30, 2014
A Libyan jet shot down a militia helicopter Tuesday after Islamist-led fighters launched air strikes on a key oil terminal in the east of the country, a military spokesman said. Fighters from the Islamist-led Fajr Libya (Libya Dawn) coalition of militias, which controls much of Tripoli, as well as second and third cities Benghazi and Misrata, have been trying to seize Al-Sidra oil terminal. ... read more


OIL AND GAS
House vows to deliver on energy promises

How Climate Change Could Leave Cities in the Dark

NYC owners should tap energy and economic benefits of cogeneration

The physics of champagne bubbles and our future energy needs

OIL AND GAS
Making a Good Thing Better for Lithium Ion Batteries

Computational clues into the structure of a promising energy conversion catalyst

Chinese power companies pursue smart grids

Scientists reveal breakthrough in optical fiber communications

OIL AND GAS
Guelph Researchers Recipe: Cook Farm Waste into Energy

Conversion process turns biomass 'waste' into lucrative chemical products

Central America's new coffee buzz: renewable energy

Boeing completes test flight with 'green diesel'

OIL AND GAS
Over 3,700 Fukushima Evacuees Yet to Claim Compensation

Ukraine shuts down faulty nuclear power plant reactor

Gas leak kills three at S. Korea nuclear plant

Ukraine signs Westinghouse nuclear fuel deal

OIL AND GAS
Massive study provides first detailed look at how Greenland's ice is vanishing

NASA Data Underscore Severity of California Drought

Climate Change and ENSO: Take 2

Past global warming similar to today's

OIL AND GAS
Swiss citizen dies in 50-car Slovenian highway crash

Dongfeng, Huawei partner for Internet-enabled cars

Rice study fuels hope for natural gas cars

Google self-driving car prototype ready to try road

OIL AND GAS
IS claims Iraq suicide bombing that killed 38

Suicide bomber kills 26 in attack on anti-IS fighters in Iraq

For Iraqi Christian family, a grim Christmas far from home

Iraqi cabinet approves $102.5 bn budget for 2015

OIL AND GAS



The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.