The price of oil finished with a small loss Monday as traders waited for potentially market-moving news at midweek.

US benchmark crude for August delivery slipped eight cents to US$103.14 a barrel on the New York Mercantile Exchange.

Brent crude dropped 29 cents to US$107.43 on the ICE Futures exchange in London.

Oil was pushed higher last week by worries that turmoil in Egypt could disrupt shipments through the Suez Canal and a report showing robust job growth in the United States in June.

Later this week, the US Energy Department releases its weekly report on supplies of crude oil and petroleum products, the US Federal Reserve releases minutes of its recent policy meeting and OPEC issues its monthly update on the oil market.

A large decline in US supplies, or signs that OPEC decreased output last month could boost prices, analysts say.

Additional insight into the Fed’s thinking on monetary policy should also influence trading.

In other energy futures trading on the Nymex Monday, wholesale gasoline dropped one cent to US$2.88 per gallon; natural gas rose 12 cents to $3.74 per 1,000 cubic feet, and heating oil fell one cent to US$2.98 per gallon.

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ENERGY minister Phillip Paulwell has set a deadline of January 2016 for the completion of the expansion and upgrade of the state-run oil refinery Petrojam.

Paulwell, guest speaker on Monday at two Constant Spring Road-based service stations which have introduced the eco-friendly Ultra Low Sulphur Diesel (ULSD) fuel, said the construction had to be along that timetable.

A section of the government-operated oil refinery Petrojam.

“We have been told the new generating capacity of electricity will be in place by January, 2016, so we have to finish the expansion and upgrade of the refinery by then,” Paulwell told Auto.

Paulwell, the minister of science, technology, energy and mining, said he would advance the argument at tomorrow’s PetroCaribe Summit in Nicaragua.

Jamaica is one of 18 countries which benefit from the PetroCaribe agreement, drafted by the now deceased

KINGSTON, Jamaica — Workers at the Jamaica Power Plant (JPP) in Rockfort, St Andrew this morning staged a protest at the gate of the company.

The JPP workers claim that they are being unfairly treated by officials of the company.

“Last week they made 15 workers at the company redundant and we hear there are plans to relieve more workers,” one protesting worker said.

The worker was one of several placard-bearing protestors who threatened that protest action will continue until they are addressed by management of the company.

–Kimmo Matthews

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