Crude prices mixed; gasoline down 5.6 percent this week

Crude oil prices were mixed on Wednesday on news from various parts of the world. Iran again said that it will not suspend its uranium enrichment activities ahead of a meeting with European Union representatives. There was another attack on an oil pipeline in Nigeria, which resulted in the shutdown of another 150,000 barrels per day in production there. In the United States, Colonial Pipeline closed its main line that carries gasoline, heating oil, and diesel from the Gulf Coast to New York after an “integrity check” and no estimate was given for when it might be reopened.

In addition, rumor had it that the US government could be getting ready to tap the strategic reserve if oil prices go too high. The Department of Energy said, however, that emergency supplies would be used if hurricanes disrupt Gulf of Mexico production. In the meantime, gasoline prices have dropped ahead of weekly inventories data that is expected to show that gasoline stockpiles added 1.2 million barrels last week due to increased production.

Brent crude July contracts were 65 cents lower to $67.48 per barrel on the Intercontinental Exchange in London, while West Texas Intermediate crude for July delivery added 25 cents to $63.40 per barrel on the New York Mercantile Exchange. Nymex June gasoline was down nearly 3 cents to $2.2685 per gallon, a decline of 5.6 percent in the week so far.