NEW YORK — The price of oil finished with a small loss Monday as traders waited for potentially market-moving news at midweek.
Benchmark crude for August delivery slipped 8 cents to $103.14 on the New York Mercantile Exchange.
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 Energy Department releases its weekly report on supplies of crude oil and petroleum products, the 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 the United States, the average price for a gallon of gasoline was unchanged at $3.47. That was down 16 cents from a month ago, but 9 cents more expensive than at this time last year. In Massachusetts, the average was $3.48 a gallon, up 3 cents from the previous week’s average, AAA Southern New England said Monday.