Global oil prices hit five-month high despite demand fears August 5, 2020 Global oil prices hit their highest levels in five months today after a larger than expected decline in US crude inventories offset fears of a slowdown in fuel demand. Prices had eased back in recent days as the world braces for a second wave of the coronavirus pandemic, which could hamper demand just as oil [...]
Gold surges to new record on pandemic fears but ‘can go higher’ August 5, 2020 The gold price reached a record high of $2,030 (£1,550) as investors’ caution pushed it higher, but analysts expect it to rise even higher. A survey of more than 1,300 DIY investors conducted by BullionVault, showed they expect the price of gold to rise by 25 per cent by the end of 2020, taking it [...]
UGC owner denies trying to takeover Petropavlovsk ahead of crunch vote August 5, 2020 The Russian billionaire who owns a 22 per cent stake in FTSE 250 gold miner Petropavlovsk has denied that he is seeking to take over the firm ahead of a crunch shareholder meeting on Monday. In an interview with the FT, Konstantin Strukov, who owns rival miner UGC, insisted that he wanted to see Petropavlovsk [...]
BP looks to a low carbon future after coronavirus oil carnage August 4, 2020 It’s not every day that an oil giant gets a slap on the back from Greenpeace. But that’s exactly what BP achieved this morning when it slipped out plans to produce 40 per cent less oil by the end of this decade. Alongside its second quarter results – which made ugly reading for investors, as [...]
FTSE 100 flatlines as companies reveal mixed earnings August 4, 2020 The FTSE 100 closed flat on a choppy day of trading as investors mulled company earnings, the chances of more economic stimulus and rising coronavirus cases around the world. London’s blue chip index closed marginally lower at 6,027 points. The FTSE 250 index of slightly smaller, domestically focused firms ended the session up 0.73 per [...]
Oil prices sink as fears of second wave dent rising fuel demand August 4, 2020 Global oil prices slipped back today amid rising fears that a second wave of coronavirus cases will strike just as oil producers begin to bring more output back onstream. US benchmark West Texas Intermediate fell 1.6 per cent to $40.60, while global standard Brent crude dropped back 1.1 per cent to $43.66. Numbers of cases [...]
No longer superheroes? Twilight of the bonds August 4, 2020 | City Talk Superman not only has the best superpowers – he is also handsome and humble. No-one can outmatch him, except perhaps someone who brings the proverbial gun to a knife fight. In this case, that gun is Kryptonite, Superman’s only known weakness. The substance renders his powers useless. In the investment world, fixed-income instruments have their [...]
Fuel prices rise for second consecutive month as oil price steadies August 4, 2020 The average price of petrol and diesel rose for the second consecutive month in July, adding nearly £2 to a fill up, according to RAC Fuel Watch data. The second consecutive month of price rises means unleaded is now 7p a litre more expensive than it was at the end of May, while diesel is [...]
United Oil and Gas takes over Jamaica field from Tullow August 3, 2020 United Oil and Gas has taken over the running of Jamaica’s Walton Morant oil field from fellow explorer Tullow Oil, it was announced today. This morning, the firm announced that the Jamaican government had given it permission to take forward the reserve on a 100 per cent basis. The deal will give United 18 months [...]
FTSE 100 breaks 6,000 and US stocks rise amid economic optimism August 3, 2020 The FTSE 100 rose sharply, surpassing 6,000 points, as investors looked past rising coronavirus cases and cheered positive economic data. London’s blue-chip index was 2.2 per cent higher in afternoon trading at 6,028 points. The mid-cap FTSE 250 was up 1.2 per cent. Read more: HSBC profit plummets due to coronavirus pandemic On Wall Street, [...]