Oil prices dip after Iraq opts out of Opec arrangement to cut production October 24, 2016 Oil prices shed more than one per cent today after Iraq said it did not want to be part of an Opec deal to slash production to help rebalance the market. Brent crude was trading down 63 cents, or 1.22 per cent, this afternoon to $51.15 per barrel. West Texas Intermediate (WTI) crude, the US [...]
Saudi Arabia breaks diplomatic ties with Iran following protests over execution of Shia cleric Sheikh Nimr al-Nimr January 3, 2016 Saudi Arabia has announced it has broken all diplomatic ties with Iran following the criticised execution of prominent Shia cleric Sheikh Nimr al-Nimr. Al-Nimr was one of 47 executed in Saudi Arabia yesterday, having been found guilty of “terrorism”. The cleric has been a long-time critic of Saudi’s Sunni royal family. Condemned by Shia leaders, [...]
Why oil prices are pushing higher August 8, 2016 Crude rose today on fresh speculation that the Organisation of Petroleum Exporting Countries would move to curb the oversupply which has weighed on markets in recent weeks. Brent crude, the global benchmark, rose 2.42 per cent to $45.34 per barrel this afternoon. Its US counterpart, West Texas Intermediate crude, swelled 2.92 per cent to $43.02. Read more: The World Bank [...]
FiSahara takes place under the baking heat of the African sun. Alex Dudok de Wit finds an event unlike any other January 16, 2017 There’s a territory sandwiched between Morocco and Mauritania, divided from the former in atlases by a dotted line, that carries the opaque name of Western Sahara. You might occasionally spot footage of it on the news, grainy shots of a sand wall lined with landmines and Moroccan soldiers, although most will struggle to place it [...]
As the Opec cartel agrees to cut oil production, should central banks prepare for a rise in inflation? September 29, 2016 David Morrison, senior market strategist at Spread Co, says Yes. Crude soared on Opec’s announcement not just to freeze, but to actually cut production. Yet the upside momentum appears to have petered out for now. No wonder, given the lack of detail over who will bear the brunt of the proposed cuts and uncertainty concerning a [...]
Brent crude gets comfortable above $50 and WTI rises two per cent on fifth consecutive fall in US crude stocks October 5, 2016 Oil prices rose around two per cent yesterday, hitting their highest level since June, after the fifth weekly fall in US crude inventories. Crude stockpiles in the US fell three million barrels last week, according to data released by the Energy Information Administration (EIA), overturning a Reuters forecast of analysts that expected an increase of [...]
Public borrowing could overrun by £100bn over the next five years November 15, 2016 Philip Hammond could be on track to overshoot previous public borrowing forecasts by £100bn in total by 2021, a report out today has warned. PwC also found that, if the new chancellor opts to keep the status quo on spending despite June's referendum result, this year's public sector net borrowing will come in at £67bn, around £10bn [...]
Brent crude and WTI: Oil falls for fifth day in a row to hover around $48 May 24, 2016 Oil prices fell for the fifth day in a row to hover around the $48 per barrel mark today. Brent crude, the global benchmark, fell 0.4 per cent to $48.2 per barrel this afternoon. West Texas Intermediate crude, the US benchmark, also slumped 0.3 per cent to $48. Read more: Canada's oil heartland has some evacuation orders [...]
Oil prices: End of Iran sanctions sends prices lower – but Opec says this year the US shale oil industry will finally feel the burn and cut production January 19, 2016 There seems no end in sight for sliding oil prices, as black gold fell to $28 a barrel for the first time in 12 years. It’s now priced 70 per cent lower than its $120 peak in June 2014. Forecasts of $20 a barrel made by Goldman Sachs last summer seemed outlandish at the time. But [...]
Sanctions relief: Don’t bank on global finance returning to Iran November 2, 2015 The relief of nuclear-related sanctions on Iran is fast approaching. But for financial institutions seeking to assist clients in taking advantage of the opportunities opening up in the country after the agreement of a deal on Iran’s nuclear programme, the road ahead is fraught with complication. First, while Sunday 18 October witnessed the passing [...]