Brent crude oil price just fell to its lowest in four years after Saudi Arabia slashed contract price for US November 4, 2014 The price of Brent crude oil dropped to a four year low today, after Saudi Arabia unexpectedly cut its contract price for customers in the US. As the world's largest exporter of the commodity, Saudi Arabia's move represents an intensification of the battle between countries to gain control over global energy markets. It [...]
FTSE 100 rebounds as oil price rises and Shire jumps on bid report – London Report October 21, 2014 Gains in big oil companies and drugmaker Shire yesterday lifted Britain’s top equity index, which extended a rebound after falling to 15-month lows last week. The FTSE 100 index closed up by 1.7 per cent, or 105.26 points, at 6,372.33 points. Shire rose 2.61 per cent to 3,848p, after Reuters reported that Botox-maker Allergan shareholder [...]
Oil prices have hit a four-year low October 15, 2014 Brent crude was continuing its long march down today. Already below $90 a barrel, the benchmark price has now gone south of $82. This cost represents the lowest price in four years, dragged down by a deluge of supply and dwindling demand. The International Energy Agency (IEA) recently reduced its 2014 forecast for global oil [...]
Oil prices slide to four-year low as Opec digs in October 14, 2014 Brent crude slid below $85 yesterday, marking a four-year low for the commodity, after the International Energy Agency (IEA) predicted that oil demand would expand slower this year than it had since 2009. In its oil market report for October, the stated that the Organisation of the Petroleum Exporting Countries’ (Opec) crude oil output [...]
With Brent crude prices at a four-year low, is Opec’s power over the oil market waning? October 14, 2014 Ole Hansen, head of commodity strategy at Saxo Bank, says Yes. Opec’s control over global oil prices is waning because supply growth increasingly comes from non-Opec producers. An example is the US, where production has risen to the highest level in 28 years – largely due to the shale revolution, which has added almost 4m [...]
Russian rouble sinks to record lows as oil prices tumble October 13, 2014 Vladimir Putin was enjoying himself at Russia’s first Grand Prix for a century yesterday, but the party was quickly over as the Russian president woke up to further falls in oil prices and a weakening rouble. The Russian currency hit record lows against the dollar and the euro on Monday morning, as tumbling oil [...]
Brent crude falls below June 2012 price ahead of Opec meeting October 9, 2014 BRENT crude oil prices continued to slide yesterday, dipping below $91 a barrel for the first time since June 2012. Despite unrest in many parts of the Middle East, prices have been falling for three months, with many experts blaming a combination of oversupply and unyielding US shale gas production. Michael Hewson, head analyst at [...]
Europe won’t gain from the oil price slump – CNBC Comment October 6, 2014 Forget QE, surely the precipitous oil price decline in the last couple of weeks will finally give the down-trodden European economy the big boost it needs. After three years of prices north of $100 a barrel, surely a big cut in Europe’s energy bill will provide a stimulus effect that Mario Draghi could only dream [...]
Brent crude oil price drops to two-year low October 2, 2014 BRENT crude oil fell to a two-year low yesterday, dropping 1.2 per cent to $92.93 a barrel, with analysts blaming a lack of demand for the decline. Daniel Sugarman, market strategist at ETX Capital, said any turnaround in the market would depend on the political situation in the Middle East. He told CityAM: “Islamists are [...]
Latin American states to be hit most by oil price fall September 22, 2014 Latin American petro-states face being hardest hit by the recent 15 per cent drop in price of oil to below $100 (£61) per barrel (pb), according to a new report released yesterday. The report by research consultancy Capital Economics said lower oil prices could hit Latin American producers worst because many relied on higher prices [...]