Foreign secretary Philip Hammond travels to Iran to reopen UK’s Tehran embassy after nearly four years August 20, 2015 The UK will formally reopen its embassy in Tehran this weekend, almost four years after the building shut down after being stormed by demonstrators. Foreign secretary Philip Hammond will travel to Iran "in the coming days" to reopen the embassy. At the same time the Iranian embassy in London will be reopened, the Foreign Office [...]
Opec boss warns world needs $65 oil to avoid price shocks May 25, 2016 The head of Opec has warned that the world "badly" needs $65 oil to avoid any future price shocks. Low crude prices have left firms with less cash to fund exploration, while producers pumping to the hilt has shrunk the global spare capacity margin. The has left markets increasingly vulnerable to production outages and soaring prices. [...]
Wall St buoyed by Iran oil deal – New York Report July 14, 2015 WALL Street gained for a fourth straight session yesterday, its longest winning streak since January, buoyed by the energy sector as oil prices rebounded from early declines. Oil prices were initially lower on concerns a deal between Iran and six global powers would result in more supply, but turned higher after it became apparent sanctions [...]
Oil prices are charging towards their best month in seven years April 29, 2016 Oil prices whizzed higher this afternoon, leaving them set to clock their biggest monthly gain in seven years. It comes as both the US and global benchmarks hit their highest level this year, trading at $46.27 and $48.30 per barrel respectively. The weak dollar and falling US production helped offset concerns over a lingering glut of the [...]
Iran is open for business: Bankers, bosses and business groups join the foreign secretary as battered British embassy reopens in Tehran August 24, 2015 Bosses from Britain’s largest business groups and energy companies broke new ground over the weekend by embarking on an overseas trade mission to Iran, optimistic that thawed diplomatic relations could pave the way for future trade deals. British Bankers’ Association chief executive Anthony Browne, Institute of Directors (IoD) director general Simon Walker, and Confederation of [...]
Before the bell: What you need to know before the US market open June 15, 2016 Fed day is here chair Janet Yellen is unlikely to do anything that would surprise the markets. We'll have the decision at 7pm London time and then wait to hear from the lady herself at 7:30pm. Here's what you need to know before the market open at 14:30 London time. US futures are pointing up [...]
Oil market entering a phase of rebalancing claims Goldman Sachs May 24, 2016 Increased oil production from countries with lower costs is going to hold down the price of crude, according to industry experts at Goldman Sachs. Goldman commodity analysts claim the “new oil order” means that output from the likes of Iran and Iraq will soon entirely offset disruption from higher cost producers. Recently the oil price [...]
Oil prices fall back from $45 a barrel as investors cash in one week after failed Doha meeting April 25, 2016 Oil prices slipped back on early monday morning, falling below $45 a barrel again, as investors booked profits off the back of a good few weeks for buyers of the black stuff. Brent Crude was trading at $44.60 on Monday morning, down 1.13 per cent from Friday's close. The price had dipped as low as $44.49 at one stage. [...]
Oil and gas execs flag Opec policy as biggest risk to the industry April 18, 2016 The majority of senior oil and gas executives have singled out Opec policy as the biggest risk currently facing the struggling industry. Around 74 per cent of senior international oil and gas execs think Opec policy is the most significant geopolitical concern for the industry, according to research by global law firm Clyde & Co. Read more: Doha oil production freeze talks end [...]
Brent tumbles after Opec fails to agree an oil production ceiling June 2, 2016 Oil tumbled after the Organisation of Petroleum Exporting Countries (Opec) failed to agree a production ceiling at a widely watched meeting in Vienna today. Brent crude, the international benchmark, plunged 1.3 per cent to $49.1 per barrel. It had climbed above the $50 mark this morning, hitting its highest level in a week. West Texas [...]