Brent crude was down 53 cents, or 0.7 pc, at $71.47 a barrel by 1:25 p.m. EDT (1725 GMT). U.S. West Texas Intermediate oil declined 35 cents to $68.01 a barrel, snapping a three day rally.
American Clean Energy Refining LLC (ACER), based in Baton Rouge, submitted two bids for the refinery, the first last December, Chief Executive George R. Dabbs told Reuters on Sunday. Neither was accepted, he said.
Even though the refineries have a combined processing capacity of 1.6 million barrels per day (bpd), they process less than half of that, Pemex's third-quarter financial report showed.
But a combination of declining output, crushing tax obligations and a hefty payroll burden have gradually weakened the company, which is a major source of federal budget revenues.