Why the US West Texas Intermediate oil price could clock its best month in around a year March 29, 2016 Despite today's losses, US oil is heading for its biggest monthly gain in nearly a year. West Texas Intermediate crude, the US benchmark, is currently down 1.1 per cent at $38.96 per barrel. Nevertheless, it's gained around 13 per cent so far this month, putting it on course for its largest jump since April last year. [...]
FTSE 100 opens higher as Brent crude oil price rallies March 17, 2016 Markets opened cautiously higher this morning, as investors cheered a decision by the Federal Reserve's Open Markets Committee to hold interest rates – and oil rallied. The FTSE 100 crept up 0.62 per cent, to 6,212 points, pushed up by miners again. Anglo American jumped 9.8 per cent to 541.1p, while Glencore rose 7.6 per cent to 155.4p [...]
World Energy Council: Cyber threat to world energy April 17, 2016 The UK is at risk of a potentially devastating attack against its energy infrastructure, according to the head of the World Energy Council. Speaking to City A.M., Christopher Frei, director general at the World Energy Council, said the UK was one of several countries facing a growing threat. “In the last two years this issue has [...]
Oil prices: UK oil baron Algy Cluff warns chancellor George Osborne that the North Sea industry is on the brink of destruction February 17, 2016 One of Britain’s best known oil tycoons has warned that low prices could destroy the UK oil industry if the government fails to slash taxes and encourage exploration in the sector. Speaking exclusively to City A.M., Algy Cluff, who pioneered exploration in the North Sea in the 1970s, has added his voice to a growing [...]
Turmoil: Analysts cut oil forecast as glut woes intensify December 15, 2015 Citi analysts are the latest to lower their expectations for the short term future of the oil price, predicting a “very weak first quarter”. The supply glut is now widely expected to run on well into 2016 due to Opec reiterating its dedication to unrestricted pumping, Iran charging into the market once sanctions are lifted [...]
Brent and WTI crude prices: HSBC chief executive Stuart Gulliver predicts oil will settle between $25 and $40 in a year’s time January 18, 2016 HSBC chief executive Stuart Gulliver expects oil to settle between $25 and $40 in on year's time, he said today. Responding to a question about where the prices will be this time next year at the annual Asia Financial Forum in Hong Kong, Gulliver said: "Major producers are currently delivering 2m-2.5m barrels per day more than demand, so [...]
Oil gushes higher as it heads for best week in five April 8, 2016 Oil prices sprung into action this afternoon, helped by rising hopes for a freeze deal when the world's major oil producers meet next Sunday. Brent crude, the global benchmark, rose 4.6 per cent to $41.23 per barrel this afternoon, and it's up 6.6 per cent for the week. If it holds onto these gains Brent [...]
Oil and gas firms are struggling as the industry braces for fresh job cuts June 6, 2016 The UK oil and gas sector is planning further cost cutting to absorb the impact of lower oil prices, putting more jobs on the line. Almost half (43 per cent) of UK oil and gas firms intend to cut costs, new research from the Bank of Scotland has today revealed. Nearly a third (32 per cent) of businesses [...]
Opec oil output dips but market labels it a blip January 5, 2016 The global oil supply was eased slightly in December, according to a Reuters survey. The Organisation of the Petroleum Exporting Countries (Opec) supply of oil fell in December to 31.6m barrels per day, down from 31.8m in November. The dip in supply is not thought to be the beginning of a trend however, with analysts expecting [...]
Oil price rises again as Brent crude climbs – but Tullow Oil share price is hit February 18, 2016 Oil prices climbed again in early trading today, after Iran "welcomed" (but made no commitments to) a deal between Russia and Saudi Arabia to keep a lid on production. Brent crude climbed to $34.44 per barrel today, while WTI crude, the US benchmark, rose to $31.14. That puts Brent crude just shy of 25 per [...]