Oil rises ahead of weekend meeting between Opec and non-Opec producers December 8, 2016 Oil markets were choppy today as traders got jittery ahead of a weekend meeting of Opec and non-Opec producers. Prices dipped in London afternoon trading after Russian news agency Tass reported the meeting, due to be held this Saturday in Vienna, could be postponed. However, a Russian energy ministry spokeswoman later said there were no [...]
Putin isn’t dangerous because Russia is strong – but because it’s so weak January 30, 2017 “Some people without brains do an awful lot of talking.” – L Frank Baum, The Wizard of Oz As a child, I remember being fascinated by the populist allegory The Wizard of Oz. My favourite part of the story – sure to cause me to burst out laughing even when I knew what was coming [...]
America would gain nothing from cosying up to Putin’s declining Russia February 27, 2017 It has been three years since Russia’s stunning annexation of Crimea. It is the worst kept secret in Washington that the new administration of Donald Trump would like to turn the page on the US-Russian hostility that followed, in a transactional effort to remake US foreign policy. At the heart of Trump’s Jacksonian nationalism is his [...]
Brent crude oil just broke $55 for the first time since July 2015 December 5, 2016 Brent crude oil shot above $55 per barrel today as oil traders continued to celebrate Opec's agreement, after months of in-fighting, to put a cap on production. Global benchmark Brent crude rose as high as $55.33 per barrel in late morning trading, up more than 1.4 per cent, though it dipped 0.3 per cent to $54.30 by the [...]
Oil continues upward moves despite dollar strength as Putin raises Opec cut hopes November 21, 2016 Oil prices continued their upward move since Friday on expectations that Opec would agree to a production cut at their next meeting. The rise came despite the US dollar’s continued move higher, which usually has a negative effect on commodities traded in dollars. Futures for West Texas Intermediate, the US oil benchmark, were up more [...]
Record highs on US stock exchanges driven by rising oil prices ahead of possible Opec production cut November 21, 2016 US equities moved upwards as the Nasdaq stock exchange hit a fresh all-time record high on intraday trading while the Russell 2000 also broke records on the back of expectations of an oil price rise. The Nasdaq Composite index gained over 0.5 per cent to break the previous all-time high of 5,359.90 points at 5,362.48. The [...]
Oil prices settle above $51 as Opec deal optimism abounds October 4, 2016 Oil prices hit a four-month high today as investors felt increasingly optimistic about the ability of Opec to agree its first production cut in eight years. Brent crude, the global benchmark, rose 0.45 per cent to $51.12 per barrel in late afternoon trading. West Texas Intermediate crude swelled 0.08 per cent to $48.85. Investor sentiment has [...]
Saudi-Russian pledge to freeze oil production may be smoke and mirrors February 16, 2016 Stop press!! Saudi Arabia and Russia have agreed to freeze oil output!! At first glance, the remarks at today's meeting in Doha were hugely significant, coming both from the notoriously stubborn leader of the Opec cartel and one of the largest non-Opec producers in the world. Opec members Qatar and Venezeula, who were also at [...]
Iran will join output cap talks once it hits four million barrels per day March 13, 2016 Opec rebel Iran has said fellow members of the oil cartel should leave the country alone until it has raised production to over four million barrels per day. The country, which wants to rebuild its market share after a trade embargo, indicated it would then be interested in attending historic talks between Opec and Russia to [...]
Oil price yo-yos back up as the latest US stockpiles show a surprise fall April 6, 2016 The oil price has bounced today after stockpiles in the US showed a shock decline, despite investors expecting a new record high. The oil price is up today by around five per cent, with international benchmark Brent crude trading at $39.77, while US oil hit $37.96. The US Energy Information Administration (EIA) reported that stocks of [...]