Tag: oil price

Friday, January 22nd 2016 - 07:21 UTC
Ecuador disenchanted with OPEC policy will work as if the cartel 'did not exist'

Ecuador President Rafael Correa said that his government was “tired” of pushing OPEC to decrease output and that the nation would keep working as if the oil cartel “did not exist.”
Saturday, December 12th 2015 - 07:03 UTC
US crude futures trade at $35, lowest since February 2009; in one week price dropped 10%

United States crude futures fell sharply on Friday plunging below $36 a barrel for the first time in more than seven years, after a bearish report from the International Energy Agency projected that global energy markets will remain vastly oversupplied for at least the immediate near future.
Wednesday, December 9th 2015 - 08:38 UTC
Oil prices plummet to seven-year lows on global supply glut

Oil prices slid on Tuesday, approaching seven-year low points on a global supply glut and weak demand growth. Crude futures had already slumped Monday after the OPEC oil producers cartel last week refused to slash record high output, in a market dogged by oversupply.
Friday, November 27th 2015 - 15:22 UTC
Oil jobs lost: 250.000 and counting, Texas likely to see massive layoffs soon

Crude oil just capped off a third straight week of declines, as WTI nears the $40 per barrel threshold. Goldman Sachs is once again raising the possibility of oil dipping into the $20s per barrel. That spells more pain for the energy sector. Many companies have already slashed spending and culled their payrolls, but the total number of job losses continues to climb.
Friday, November 20th 2015 - 07:47 UTC
Goldman Sachs forecasts another miserable year for commodities in 2016

A slowdown in China, which gobbled up raw materials everywhere from Australia to Chile, exacerbated a supply glut in most major commodities. And Goldman Sachs thinks the pressure is likely to persist as it noted its underweight position in commodities for the next 12 months.
Friday, November 13th 2015 - 10:56 UTC
WTI oil falls below US$ 42; millions of barrels held in ships at sea

Oil prices were testing fresh lows on Thursday, with a report that 100 million barrels of crude and heavy oil products are being held in ships at sea. West Texas Intermediate oil, the main North American contract, fell below $42 US a barrel, amid predictions that it would fall to the $20-30 level next year.
Thursday, October 15th 2015 - 20:16 UTC
China to continue expanding its influence in the oil and gas sector

Since 2009, China has been taking a much more active role in its pursuit of international oil contracts. In 2009, for the first time, Saudi Arabia exported more of its oil to China than it did to the US. China also made large investments in Saudi Arabia's oil refining industry as well. But China's oil investments didn't stop there; they also pursued oil producing Canadian assets in 2011/12.
Saturday, September 12th 2015 - 09:59 UTC
UK offshore oil sector lost 65.000 jobs; industry's challenge: taking a barrel's operational cost to £15

The contraction of Britain's offshore oil sector has already stripped out 65,000 jobs, according to a new report. The calculation of a 15% drop since the start of last year came from the annual economic impact report of trade body Oil and Gas UK.
Wednesday, September 9th 2015 - 12:06 UTC
The default next move for oil is downwards, and here's way

By Martin Tillier of Oilprice.com - As traders, investors and pundits, we all like to think that what we do is akin to a science. We believe that by working harder and being smarter we can give ourselves an edge, that enough research will reveal to us the next move, either a long term trend or an intraday blip on a chart, and that we can profit from that knowledge
Monday, August 10th 2015 - 06:46 UTC
Global oil supply more fragile than you think

Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary.