Brent crude oil price dips after eyeing $50 a barrel and West Texas Intermediate crude also slides November 22, 2016 The benchmark oil price pared back earlier gains today, after edging close to $50 a barrel. Brent crude rose as high as $49.96 before losing around one per cent, or 51 cents, on the Monday’s close to reach $48.39 a barrel during early evening trading in London. West Texas Intermediate crude, the US benchmark, slid 1.7 [...]
Uranium prices set to “explode” in 2018, according to Berkeley Energia executive November 22, 2016 Uranium prices are set to "explode" in two years as demand from Western utilities and China will give the heavy metal a major uplift, according to a London-listed mining executive. Spot uranium prices, currently trading at around $18.50 a pound, could be set to almost triple in 2018, Paul Atherley, managing director of Spain-based uranium miner [...]
The Trump effect pushes the Dow above 19,000 in New York November 22, 2016 The Dow Jones Industrial Average has broken 19,000 points for the first time ever in New York. A US equity market surge since the presidential election – bolstered by the rising oil price as Opec member countries meet in Vienna – is showing no signs of slowing just yet. The rally has pushed the three major equity benchmarks [...]
The growth of electric vehicles won’t make much impact on the global demand for oil November 22, 2016 Chevy is about to release its all-electric Bolt. Tesla will soon put its Model 3 on sale. More than a dozen additional EV models will be launched in the next few years. Battery costs are falling fast, making EVs close to becoming cost-competitive with the internal combustion engine. Yet, oil demand will continue to rise, [...]
Oil price rally pushes stocks up around the world as US indices hit multiple record highs November 22, 2016 The continuing rally in oil prices led stocks around the world higher as a succession US indices hit all-time record highs at the close. Oil prices are rising on expectations that oil production cartel Opec will cut production at the end of the month. It meets on 30 November. The US oil benchmark, West Texas [...]
Oil prices rally more than four per cent as Opec deal optimism and weaker dollar buoy the market November 21, 2016 Oil prices rallied to their highest levels in three weeks today as a weaker dollar and hopes that Opec will seal an output deal next Wednesday boosted the market. Global benchmark Brent crude was edging closer to $50, trading up 4.7 per cent, or $2.20, to $49.06 yesterday evening. US sweet crude was up 4.6 [...]
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 [...]
The pound reaches $1.25 against the dollar on yen trading as May announces desire for business-friendly Brexit November 21, 2016 The pound gained in value in Monday afternoon trading, reversing some of the losses inflicted over the past few weeks. The pound rose over one per cent from the previous close of $1.23 against the dollar, breaking the $1.25 mark. Sterling was up over 1.2 per cent against the yen, to over ¥138.65, while it gained [...]
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 [...]
Nasdaq just hit a a record high November 18, 2016 The Nasdaq index just hit a new record high. The index rose 0.2 per cent to at 5,342.09 in the minutes of opening trade, moving past its previous intraday high of 5,342.88 on 22 September. The US stocks are also near record highs following the election of Donald Trump to become the next President of the USA. The [...]