Oil prices slide to four-year low as Opec digs in October 14, 2014 Brent crude slid below $85 yesterday, marking a four-year low for the commodity, after the International Energy Agency (IEA) predicted that oil demand would expand slower this year than it had since 2009. In its oil market report for October, the stated that the Organisation of the Petroleum Exporting Countries’ (Opec) crude oil output [...]
With Brent crude prices at a four-year low, is Opec’s power over the oil market waning? October 14, 2014 Ole Hansen, head of commodity strategy at Saxo Bank, says Yes. Opec’s control over global oil prices is waning because supply growth increasingly comes from non-Opec producers. An example is the US, where production has risen to the highest level in 28 years – largely due to the shale revolution, which has added almost 4m [...]
Russian rouble sinks to record lows as oil prices tumble October 13, 2014 Vladimir Putin was enjoying himself at Russia’s first Grand Prix for a century yesterday, but the party was quickly over as the Russian president woke up to further falls in oil prices and a weakening rouble. The Russian currency hit record lows against the dollar and the euro on Monday morning, as tumbling oil [...]
Brent crude falls below June 2012 price ahead of Opec meeting October 9, 2014 BRENT crude oil prices continued to slide yesterday, dipping below $91 a barrel for the first time since June 2012. Despite unrest in many parts of the Middle East, prices have been falling for three months, with many experts blaming a combination of oversupply and unyielding US shale gas production. Michael Hewson, head analyst at [...]
Europe won’t gain from the oil price slump – CNBC Comment October 6, 2014 Forget QE, surely the precipitous oil price decline in the last couple of weeks will finally give the down-trodden European economy the big boost it needs. After three years of prices north of $100 a barrel, surely a big cut in Europe’s energy bill will provide a stimulus effect that Mario Draghi could only dream [...]
Brent crude oil price drops to two-year low October 2, 2014 BRENT crude oil fell to a two-year low yesterday, dropping 1.2 per cent to $92.93 a barrel, with analysts blaming a lack of demand for the decline. Daniel Sugarman, market strategist at ETX Capital, said any turnaround in the market would depend on the political situation in the Middle East. He told City A.M.: “Islamists are [...]
Latin American states to be hit most by oil price fall September 22, 2014 Latin American petro-states face being hardest hit by the recent 15 per cent drop in price of oil to below $100 (£61) per barrel (pb), according to a new report released yesterday. The report by research consultancy Capital Economics said lower oil prices could hit Latin American producers worst because many relied on higher prices [...]
Oil prices hit new 26 month low on China concerns September 15, 2014 The price of a barrel of oil slipped to a 26-month low during trading yesterday, hit by signs of a slowdown in China and despite the impact of new sanctions on Russia. Brent crude, the global oil benchmark, saw its price fall as low as $96.21 a barrel in trading on the Ice futures exchange, [...]
Brent crude oil price at 13-month low despite Iraq risk August 12, 2014 The price of Brent crude sank to a 13-month low yesterday, after the International Energy Agency (IEA) said oversupply in the market had offset “worrisome developments” in Iraq and other major oil producers. The industry benchmark fell to $102.65 (£61.06) during the day, the lowest price since 1 July 2013. In its closely watched monthly [...]
Iraq crisis unlikely to lead to rising oil prices, says IEA report August 12, 2014 Despite a slew of international crises the price of oil is unlikely to rise in the near future thanks to rising production from North America, according to the International Energy Agency's (IEA) monthly report. The advance of Islamist militants in northern Iraq and the increasingly unstable situation in Libya have put many investors on edge [...]