Oil prices fall after Opec points to bigger crude surplus in 2017 October 12, 2016 Oil prices turned lower this afternoon after the Organisation of Petroleum Exporting Countries (Opec) pointed to a larger surplus next year. Brent crude, the global benchmark, slumped 1.09 per cent to $51.84 per barrel. Its US counterpart, West Texas Intermediate crude, fell 1.32 per cent to $50.12, having recovered slightly after falling just below the $50 [...]
IEA says oil market will recover faster if Opec sticks to cut deal October 11, 2016 The International Energy Agency (IEA) said today that the global oil market could recover more quickly if the Organisation of Petroleum Exporting Countries (Opec) sticks to its production cut deal. "Even with tentative signs that bulging inventories are starting to decline, our supply-demand outlook suggests that the market — if left to its own devices — may remain [...]
Fabulous Brexit, Chinese implosion: The feasible scenarios markets are ignoring January 27, 2017 The exquisite unpredictability of markets was on full parade in 2016, and investors are still breathless. Very few believed populist anger would lead to a Brexit or a President Trump, or that a crashing oil market would be rescued by a deal underpinned by Saudi altruism towards Iran. Indeed, markets are replete with occurrences which [...]
Rising US rig count and strong dollar weigh on West Texas Intermediate and Brent crude oil prices October 17, 2016 Renewed oversupply concerns pushed the prices of West Texas Intermediate (WTI) and Brent crude down more than one per cent today. WTI futures were trading down 1.33 per cent to $49.68, while Brent futures slid 1.15 per cent to $51.35 per barrel in evening trading. A rising US rig count was among the factors putting pressure [...]
Oil prices fall as investors look to next week’s Opec meeting September 23, 2016 Oil prices fell overnight, ending two days of strong gains, as investors turned their attention to next week's meeting of the world's biggest oil producers. Brent crude, the global benchmark, fell as much as 0.99 per cent to $47.18 per barrel as traders took on a cautious attitude ahead of a gathering of oil producers [...]
Oil prices shake off losses as Opec deal optimism returns October 10, 2016 Oil prices reversed earlier losses this afternoon reflecting rising optimism about an agreement among Opec producers to curb record output levels. Brent crude, the global benchmark, increased 1.35 per cent to $52.63 per barrel, while West Texas Intermediate crude swelled 1.45 per cent to $50.53. Both benchmarks had fallen in mid-morning trading. It was buoyed after Saudi Arabia's energy minister, [...]
Oil prices climb as investor attention turns to Opec’s November meeting September 28, 2016 Oil prices rose today after industry data showed a surprise draw in US crude stocks and Saudi Arabia stirred hopes for a freeze deal at Opec's meeting in November. Brent crude, the global benchmark, rose as much as 0.94 per cent to $46.39 per barrel. Its US counterpart, West Texas Intermediate, swelled as much as 0.91 per cent to [...]
Oil briefly rises above $51 per barrel, buoyed by Opec optimism October 3, 2016 Oil briefly rose above $51 per barrel today as investors weighed optimism over oil cartel Opec’s ability to agree on a production cut against the stubborn oversupply. The group is meeting next month in Vienna after signalling at a summit last week in Algeria that they could reach their first output agreement in eight years. Brent crude, the [...]
Big Four audit giant dragged into Brexit row November 15, 2016 Number 10 has today scrambled to distance itself from the details of a leaked memo which warned government was lagging behind on its Brexit plans. The leaked document, which was produced by professional services giant Deloitte and obtained by the Times, claimed government may need to take on as many as 30,000 additional staff members [...]
Optimism pervades as Opec prepares to meet in Algiers September 26, 2016 A wave of optimism swept through global oil markets this morning as the world's biggest producers prepare to meet on the sidelines of an international conference in Algeria later this week. Positive comments made by the country's energy minister helped send Brent crude, the global benchmark, up as much as 1.15 per cent to $46.42 per barrel. [...]