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This Week’s Market Buzz

  • U.S. crude stockpiles rose by 400,000 barrels last week, while analysts had expected a fall. Benchmark Brent crude was up 1 cent at $60.71 a barrel at press time, while U.S. West Texas Intermediate crude fell 20 cents to $56.06.

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This Week’s Market Buzz

  • West Texas Intermediate crude for October delivery fell by 5 cents, or 0.09%, to $56.08 a barrel at press time. The October contract for global benchmark Brent crude rose 41 cents, or 1%, to $60.64 a barrel on ICE Futures Europe.

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This Week’s Market Buzz

•    A man was arrested after two men fought to have the last word during a recent Kanab, Utah, city council meeting. William James, 40, was arrested July 9 on suspicion of disorderly conduct after request to stop, a class B misdemeanor, and disrupting a meeting or procession, a class C misdemeanor. He was charged with disorderly conduct a few days later, according to court records. About 250 people attended the meeting at the local library to comment on the city's plans to lease 600 acre-ft. to a company that wants to mine sand on nearby state trust land then ship it to be used in hydraulic fracturing operations in northeastern Utah oil fields, according to a report from Southern Utah News.

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This Week’s Market Buzz

•    At press time, Brent crude October futures lost as much as 5.2% to $55.88 a barrel, and prices have decreased more than 20% since their year-to-date peak in April. Meanwhile, U.S. West Texas Intermediate crude futures also slid as much as 5.8% to $50.52 a barrel.

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This Week’s Market Buzz

•    U.S. oil production surpassed 12 million barrels a day in April, further extending the nation's record output during the fracking boom, the U.S. Energy Information Administration reported.

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