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Oil Rises in New York on Signs U.S. Crude Stockpiles Shrank a Fifth Week
By Grant Smith and Ben Sharples - Jul 7, 2011 8:55 AM ET


July 7 (Bloomberg) -- Bart Chilton, a commissioner at the U.S. Commodity Futures Trading Commission, talks about regulation over commodities trading and the outlook for the CFTC's meeting today on new rules under the Dodd-Frank Act. Chilton speaks with Erik Schatzker on Bloomberg Television's "InsideTrack." (Source: Bloomberg)


Oil surged to a three-week high in New York on signs that the U.S. economic recovery is whittling down crude inventories in the world’s largest user of the commodity.
http://www.bloomberg.com/news/2011-...u-s-crude-stockpiles-shrank-a-fifth-week.html
 
Oil rises above $97 after US crude supply drop
Oil up above $97 in Europe after report on US crude supplies drop suggests rising demand

Pablo Gorondi, Associated Press, On Thursday July 7, 2011, 7:11 am EDT
Oil prices rose to above $97 a barrel Thursday as a report showed U.S. crude supplies fell more than expected for a second week, suggesting demand is improving.
http://finance.yahoo.com/news/Oil-r...71.html?x=0&sec=topStories&pos=1&asset=&ccode=
 
Oil falls over 2 percent on weak US jobs report
Oil down more than 2 percent as US unemployment rate rises on surprisingly weak job creation

[/h]Benchmark West Texas Intermediate crude for August delivery gave up $2.41, or 2.4 percent, at $96.26 per barrel in midday trading on the New York Mercantile Exchange. In London, Brent crude lost 85 cents at $117.74 per barrel on the ICE Futures exchange. WTI started the week around $95 a barrel and rose as high as $99.42 during trading on Thursday.
Gasoline futures also dropped following the jobs report. The contract for August delivery gave up 4 cents at $3.0864 per gallon on the Nymex.
Gas pump prices rose again, reaching a national average $3.594 per gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular is up 4.4 cents from a week ago. It's still about 39 cents below the three-year high reached in early May. A year ago drivers paid 87.7 cents per gallon less, on average
Click to expand...
http://finance.yahoo.com/news/Oil-f...11.html?x=0&sec=topStories&pos=3&asset=&ccode=
 

[TD="class: datestamp"]07/11/2011 - Updated 10:23 AM ET
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By Claudia Assis, MarketWatch & Virginia Harrison, MarketWatch

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[TD="class: mwinside-head"] Oil futures drop as U.S. dollar gains
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[TD="class: mwinside-copy"]SAN FRANCISCO (MarketWatch) — Crude-oil futures dropped Monday, as a stronger dollar and worries about the strength of the U.S. recovery dampened oil’s investment appeal.
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[TD="class: mwinside-copy"]Crude oil for August delivery fell 53 cents, or 0.6%, to $95.64 a barrel on the New York Mercantile Exchange.
http://markets.usatoday.com/custom/...S&guid={D1D8C366-AB7A-11E0-8301-002128049AD6}
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GOM Employment Could Increase if Admin. Allows -Study
American Petroleum Institute
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Monday, July 11, 2011
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[TD]Almost 190,000 new jobs could be created in 2013 if permitting in the Gulf of Mexico for offshore development returned to levels before the Obama administration's moratorium, a study by Quest Offshore Resources, Inc., says. The study, "United States Gulf of Mexico Oil and Natural Gas Industry Economic Impact Analysis," also projects a 71 percent increase in Gulf development spending to $41.4 billion and a 70 percent increase in economic activity related to Gulf development to $44.5 billion.
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http://www.rigzone.com/news/article.asp?hpf=1&a_id=108870
 
Yesterday gas jumped between 15 and 20 cents per gallon. Yesterday morning average was $3.51 and by afternoon it was around $3.69.
 
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