Buoyant trading in New York saw Wall Street set fresh records on Thursday, with US stocks recording their sixth consecutive positive finish. European markets were mainly in negative territory, however, and oil shares suffered on investor disappointment following an OPEC decision not to deepen cuts in crude output or prolong them past March of next … Read more
President Donald Trump’s budget released Tuesday proposed radically downsizing the US Strategic Petroleum Reserve, arguing that America’s shale boom has lessened the need for an emergency stockpile. Trump’s proposal would sell off half the oil in the SPR, an emergency storage facility created amid the energy shocks of the 1970s. Slashing the reserve would raise … Read more
Most Asian markets turned lower Friday following a healthy run-up in the week, tracking a sell-off on Wall Street where a plunge in retail giant Macy’s fanned concerns about the key US retail sector. Optimism has been high the past four days on solid US jobs data and moderate Emmanuel Macron’s landslide French presidential win … Read more
Renewed fears about the oil supply glut have sent crude prices plunging 15% Renewed fears about the oil supply glut have sent crude prices plunging 15% from their peak in mid-April to $45.52 a barrel on Thursday. It’s the weakest level for oil since November 29, the day before OPEC finalized a deal to slash … Read more
Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices. Brent crude futures were trading at $55.33 per barrel at 1256 GMT, 32 cents below their last close. U. S. West Texas Intermediate (WTI) crude futures were down … Read more
Renewed drilling by US oil producers is keeping a ceiling on a global crude price recovery, cutting into the impact of deep reductions by other major producers, OPEC said Monday. In its latest oil market report, the Organization of the Petroleum Exporting Countries said its members last month reduced output by 890,000 barrels per day … Read more
Oil prices slid on Wednesday to extend falls from the previous session, as a big increase in U. S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output. International Brent crude futures LCOc1 were trading at $54.81 per barrel at 1257 GMT, down … Read more
Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining a global supply glut. International Brent crude oil prices LCOc1 were up 16 cents, or 0.3 percent, at $56.98 a barrel … Read more
U. S. oil prices rose in the first trading hours of 2017 on Tuesday, buoyed by a deal for OPEC and non-OPEC production cuts which kicked off on Sunday. U.S. benchmark West Texas Intermediate (WTI) CLc1 crude oil prices were up 35 cents, or 0.7 percent, at $54.07 at 0010 GMT, not far from last … Read more
It is particularly difficult to foretell what the foreign policy of a US president-elect will be. We have plenty of examples of US presidents who – after coming into office – did not follow through on their electoral campaign pledges. Even though Obama did actually conclude the agreement with Iran – as promised during his … Read more
Saudi Arabia agreed to cut output by about 500,000 barrels per day – a total reduction of 4.5%. The oil cartel Opec has agreed its first supply cut in eight years in order to boost the price of oil. Mohammed Bin Saleh Al-Sada, Opec’s president, said a cut of 1.2 million barrels a day would … Read more
U. S. opens door to oil exports after year of pressure A domestic drilling boom of the past six years has transformed the U.S into an energy powerhouse. The Obama administration on Tuesday bowed to months of growing pressure over a 40-year-old ban on exports of most domestic crude, taking two steps expected to unleash … Read more
The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel. It explained that this was the case as members of the Organization of the Petroleum Exporting Countries (OPEC) prepared to limit production after a long period of unrestrained output. It said in its Online Media … Read more
The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel. It explained that this was the case as members of the Organization of the Petroleum Exporting Countries (OPEC) prepared to limit production after a long period of unrestrained output. It said in its Online Media … Read more
Uganda has rescheduled the completion date for its planned crude oil refinery plant in Kabaale, Hoima district, by two more years after a lead investor pulled out of the project at a crucial stage of its kick-off, raising questions on the viability of the public-private partnership model in the running of oil refineries in East … Read more