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US oil price flat for week

KDWN

Oil rose above $100 per barrel on Monday amid renewed tensions over Ukraine.

Benchmark U.S. crude for June delivery was up 13 cents to $100.12 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 27 cents to close Friday at $99.99.

Brent crude, a benchmark for international varieties, added 37 cents to $108.26 in London. In the previous session, the contract shed 15 cents to $107.89.

Traders are worried about turmoil in Ukraine and disruption of oil exports from Libya despite muted demand and plentiful supplies.

“The fears are that separatists in Ukraine involving Russian complicity could ratchet up instability in Eastern Europe,” said Mizuho Bank in a report.

Pro-Russian insurgents who organized controversial referendums in two regions of eastern Ukraine say about 90 percent of voters have backed their calls for sovereignty. The Ukrainian and Western governments have condemned the balloting as a sham and a violation of international law.

Traders worry Russian energy exports could be interrupted if further instability in Ukraine results in stronger Western sanctions.

In other energy futures trading in New York:

- Wholesale gasoline added 0.8 cent to $2.904 a gallon.

- Heating oil gained 1.1 cents to $2.918 a gallon.

- Natural gas fell 1.2 cents to $4.519 per 1,000 cubic feet.

US oil price flat for week

KDWN

Oil rose above $100 per barrel on Monday amid renewed tensions over Ukraine.

Benchmark U.S. crude for June delivery was up 13 cents to $100.12 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 27 cents to close Friday at $99.99.

Brent crude, a benchmark for international varieties, added 37 cents to $108.26 in London. In the previous session, the contract shed 15 cents to $107.89.

Traders are worried about turmoil in Ukraine and disruption of oil exports from Libya despite muted demand and plentiful supplies.

“The fears are that separatists in Ukraine involving Russian complicity could ratchet up instability in Eastern Europe,” said Mizuho Bank in a report.

Pro-Russian insurgents who organized controversial referendums in two regions of eastern Ukraine say about 90 percent of voters have backed their calls for sovereignty. The Ukrainian and Western governments have condemned the balloting as a sham and a violation of international law.

Traders worry Russian energy exports could be interrupted if further instability in Ukraine results in stronger Western sanctions.

In other energy futures trading in New York:

- Wholesale gasoline added 0.8 cent to $2.904 a gallon.

- Heating oil gained 1.1 cents to $2.918 a gallon.

- Natural gas fell 1.2 cents to $4.519 per 1,000 cubic feet.

US oil price flat for week

KDWN

The price of oil slipped Friday to just under $100 a barrel, leaving crude nearly flat for the week.

Benchmark U.S. crude for June delivery fell 27 cents to close at $99.99 in New York. The contract ended last week at $99.76.

Brent crude, a benchmark for international varieties of oil used by many U.S. refineries, declined 15 cents to close at $107.89 in London.

Crude supplies in the U.S. fell this week, which surprised traders and gave some support to prices. But supplies remain ample and refineries are pumping out enough fuel to meet demand. That suggests refineries won’t need to quickly draw down supplies in the coming weeks.

Overseas demand for crude appears muted and supplies are plentiful, but worries over the political turmoil in the Ukraine and continued disruption of oil exports from Libya have kept Brent prices up.

“Libya’s two most important oil terminals, Ras Lanuf and Es Sider, will remain shut for the foreseeable future which is likely to continue to severely hamper the supply of oil,” said analysts at Commerzbank in Frankfurt in a note to clients.

Pro-Russian insurgents in eastern Ukraine are planning a referendum on independence over the weekend, in apparent defiance of a call by Russian President Vladimir Putin to put off the vote.

Traders worry Russian energy exports could be interrupted if further instability in Ukraine results in stronger Western sanctions against Russia.

The average U.S. retail price of gasoline fell less than a penny to $3.66 a gallon.

In other energy futures trading in New York:

- Wholesale gasoline fell 0.9 cents to close at $2.896 a gallon

- Heating oil fell 1.3 cents to close at $2.907 a gallon.

- Natural gas fell 4.1 cents to close at $4.531 per 1,000 cubic feet.

AP Writer Pablo Gorondi contributed to this report.

US oil price flat for week

KDWN

The price of oil slipped Friday to just under $100 a barrel, leaving crude nearly flat for the week.

Benchmark U.S. crude for June delivery fell 27 cents to close at $99.99 in New York. The contract ended last week at $99.76.

Brent crude, a benchmark for international varieties of oil used by many U.S. refineries, declined 15 cents to close at $107.89 in London.

Crude supplies in the U.S. fell this week, which surprised traders and gave some support to prices. But supplies remain ample and refineries are pumping out enough fuel to meet demand. That suggests refineries won’t need to quickly draw down supplies in the coming weeks.

Overseas demand for crude appears muted and supplies are plentiful, but worries over the political turmoil in the Ukraine and continued disruption of oil exports from Libya have kept Brent prices up.

“Libya’s two most important oil terminals, Ras Lanuf and Es Sider, will remain shut for the foreseeable future which is likely to continue to severely hamper the supply of oil,” said analysts at Commerzbank in Frankfurt in a note to clients.

Pro-Russian insurgents in eastern Ukraine are planning a referendum on independence over the weekend, in apparent defiance of a call by Russian President Vladimir Putin to put off the vote.

Traders worry Russian energy exports could be interrupted if further instability in Ukraine results in stronger Western sanctions against Russia.

The average U.S. retail price of gasoline fell less than a penny to $3.66 a gallon.

In other energy futures trading in New York:

- Wholesale gasoline fell 0.9 cents to close at $2.896 a gallon

- Heating oil fell 1.3 cents to close at $2.907 a gallon.

- Natural gas fell 4.1 cents to close at $4.531 per 1,000 cubic feet.

AP Writer Pablo Gorondi contributed to this report.

US oil price flat for week

KDWN

The price of oil slipped Friday to just under $100 a barrel, leaving crude nearly flat for the week.

Benchmark U.S. crude for June delivery fell 27 cents to close at $99.99 in New York. The contract ended last week at $99.76.

Brent crude, a benchmark for international varieties of oil used by many U.S. refineries, declined 15 cents to close at $107.89 in London.

Crude supplies in the U.S. fell this week, which surprised traders and gave some support to prices. But supplies remain ample and refineries are pumping out enough fuel to meet demand. That suggests refineries won’t need to quickly draw down supplies in the coming weeks.

Overseas demand for crude appears muted and supplies are plentiful, but worries over the political turmoil in the Ukraine and continued disruption of oil exports from Libya have kept Brent prices up.

“Libya’s two most important oil terminals, Ras Lanuf and Es Sider, will remain shut for the foreseeable future which is likely to continue to severely hamper the supply of oil,” said analysts at Commerzbank in Frankfurt in a note to clients.

Pro-Russian insurgents in eastern Ukraine are planning a referendum on independence over the weekend, in apparent defiance of a call by Russian President Vladimir Putin to put off the vote.

Traders worry Russian energy exports could be interrupted if further instability in Ukraine results in stronger Western sanctions against Russia.

The average U.S. retail price of gasoline fell less than a penny to $3.66 a gallon.

In other energy futures trading in New York:

- Wholesale gasoline fell 0.9 cents to close at $2.896 a gallon

- Heating oil fell 1.3 cents to close at $2.907 a gallon.

- Natural gas fell 4.1 cents to close at $4.531 per 1,000 cubic feet.

AP Writer Pablo Gorondi contributed to this report.

US oil price flat for week

KDWN

The price of oil slipped Friday to just under $100 a barrel, leaving crude nearly flat for the week.

Benchmark U.S. crude for June delivery fell 27 cents to close at $99.99 in New York. The contract ended last week at $99.76.

Brent crude, a benchmark for international varieties of oil used by many U.S. refineries, declined 15 cents to close at $107.89 in London.

Crude supplies in the U.S. fell this week, which surprised traders and gave some support to prices. But supplies remain ample and refineries are pumping out enough fuel to meet demand. That suggests refineries won’t need to quickly draw down supplies in the coming weeks.

Overseas demand for crude appears muted and supplies are plentiful, but worries over the political turmoil in the Ukraine and continued disruption of oil exports from Libya have kept Brent prices up.

“Libya’s two most important oil terminals, Ras Lanuf and Es Sider, will remain shut for the foreseeable future which is likely to continue to severely hamper the supply of oil,” said analysts at Commerzbank in Frankfurt in a note to clients.

Pro-Russian insurgents in eastern Ukraine are planning a referendum on independence over the weekend, in apparent defiance of a call by Russian President Vladimir Putin to put off the vote.

Traders worry Russian energy exports could be interrupted if further instability in Ukraine results in stronger Western sanctions against Russia.

The average U.S. retail price of gasoline fell less than a penny to $3.66 a gallon.

In other energy futures trading in New York:

- Wholesale gasoline fell 0.9 cents to close at $2.896 a gallon

- Heating oil fell 1.3 cents to close at $2.907 a gallon.

- Natural gas fell 4.1 cents to close at $4.531 per 1,000 cubic feet.

AP Writer Pablo Gorondi contributed to this report.