Brent and WTI crude: Oil prices steady after new year sell-off January 14, 2016 Oil prices steadied today, following a brutal new year sell-off which pushed the black stuff to 12-year lows. Brent crude, the global benchmark, rose 0.6 per cent to $30.49 per barrel. Meanwhile, West Texas Intermediate crude, the US benchmark, jumped 1.4 per cent to $30.90 per barrel. Oil prices have shed nearly 20 per cent since [...]
Oil price sinks as Keystone shutdown fails to prevent US stockpile build at key Cushing hub April 7, 2016 The price of a barrel of oil has slid by around two per cent today after the shutdown of the Keystone pipeline last week failed to hold back the rising tide of oil. Inventories at the Cushing, Oklahoma delivery hub added 255,804 barrels according to market intelligence firm Genscape. Brent crude was trading at $38.81 at the [...]
Brent crude and WTI: Oil prices tumble after Saudi minister rules out cut April 13, 2016 Oil prices tracked low this morning, after Saudi Arabia's oil minister reportedly said that investors should "forget about" a production cut. Ali al-Naimi, told the al-Hayat newspaper that an outright production cut, as demanded by some producers, was out of the question. "Forget about this topic," al-Naimi told the paper, reiterating the Kingdom's previous position on a possible [...]
Iranian banks in talks with regulators over resuming London operations January 25, 2016 Two Iranian banks in London are in talks with UK regulators over resuming operations, according to reports. Melli Bank and Persia International Bank had heavy restrictions placed on them in 2009 when economic sanctions were put on Iran. They are now looking to fulfil Bank of England criteria for financial firms, sources told Reuters. The [...]
IEA warns of “enormous strain” on oil market in 2016 January 19, 2016 The International Energy Agency (IEA) said that warm winter weather and rising supply mean that the world will continue to drown in oil until at least late 2016. "We conclude that the oil market faces the prospect of a third successive year when supply will exceed demand by one million bpd and there will be [...]
Oil gushes past $40 per barrel March 7, 2016 The price of oil has surged over $40 per barrel for the first time this year, as shifting sentiment raises hopes that a 20-month price rout is finally coming to an end. Crude has climbed by almost 50 per cent from lows of $27 a barrel after sliding US production and discussions between Saudi Arabia [...]
Algy Cluff warns George Osborne must cut taxes and says there needs to be more drilling in the North Sea March 11, 2016 Oil baron Algy Cluff is warning of dire consequences for Britain’s energy future, unless the government takes swift action. Cluff, who pioneered exploration in the North Sea in the 1970s, has added his voice to a growing number of industry figures urging chancellor George Osborne to make significant tax and rebate concessions in his Budget next [...]
Oil producers hope for a deal on production limits by early March February 21, 2016 A deal to cap oil production at January levels should be completed by 1 March, according to the Russian energy minister Alexander Novak. The deal, brokered by de facto Opec leader Saudi Arabia, has the backing of Russia, Qatar and Venezuela. Opec rebel Iran has welcomed the deal but has said it will continue to [...]
Oil prices: Glencore chairman Tony Hayward and UBS chairman Alex Weber warn oil to stay lower for longer as WTI slides towards $27 January 20, 2016 Market mavens beat the "lower even for longer" drum on oil prices during an annual meeting of global political and business elites, as US crude careered towards $27 per barrel. Brent crude, the global benchmark, shed 2.89 per cent to $27.93 per barrel today. West Texas Intermediate (WTI) crude, the US benchmark, slumped 3.4 per cent [...]
IEA predicts biggest non-Opec output fall in a quarter century April 21, 2016 The International Energy Agency (IEA) expects non-Opec output to fall this year by the most in 25 years. IEA chief, Faith Birol, added that low oil prices had cut investment by around 40 per cent over the past two years, particularly in the US, Canada, Latin America and Russia. In its medium-term report released earlier this month, the [...]