Russia raises rates in struggle against crumbling oil prices December 11, 2014 Russia's central bank has raised the country's borrowing costs as part of its struggle against crippling economic sanctions and plummeting oil prices. The Bank of Russia raised its key interest rate by one percentage point to 10.5 per cent, a move which was in line with analysts' expectations. It also said there could be further [...]
FTSE 100 slips again as oil prices hit energy groups – London Report December 10, 2014 Britain's main equity index fell yesterday for a third day in a row as a further drop in the price of oil hit energy stocks. The blue chip FTSE 100 index closed down by 0.5 per cent, or 29.43 points, at 6,500.04 points – its lowest closing level since early November. Following the decline [...]
UK petrol prices fall to four-year lows as oil costs continue to tumble December 10, 2014 The average price of petrol in the UK has hit a four-year low, dropping below 120p a litre for the first time since December 2010. According to government figures, the average cost for a litre of unleaded petrol now stands at just 119.83p – a nine per cent fall from the year high 131.11p [...]
Opec: Global oil demand will be even lower next year December 10, 2014 The Organization of Petroleum Exporting Countries (Opec) has slashed its demand forecast for next year. Opec, which released its monthly report today, said demand would drop to 28.92m barrels per day in 2015, down 280,000 from its previous forecast. It said that waning growth in global consumption, as well as the US shale gas boom [...]
Petrol on its way to £1 a litre as oil prices fall to five year low December 9, 2014 Motorists are set to enjoy further drops in the cost of petrol, with some economists predicting prices close to £1 a litre in the near future. International oil prices fell to fresh five-year lows yesterday, while the cost of petrol on Britain’s forecourts also slipped further. Average prices were on the verge of falling [...]
Tumbling oil prices to give lift to UK economy December 9, 2014 As oil tumbles to another five-year low, the consequences for the global economy will be far-reaching Plummeting oil prices could give a major boost to the UK’s economic growth and provide a turnaround in fortunes for the Eurozone. Consultancy group Oxford Economics is forecasting the UK economy to grow by 2.6 per cent on average [...]
UK commodities suffer after new drop in oil price – London Report December 8, 2014 Britain’s top equity index retreated yesterday, with commodity stocks hurt by a new drop in the oil price and concerns about the pace of global economic growth, after disappointing data from China. The shares of energy services group Weir also slumped by 5.3 per cent after US-based brokerage Cowen & Company cut its price target [...]
Oil price hits a five-year low: What does this mean for markets? December 8, 2014 Equities could see a lift, but it’s bad news for oil exporters Looking ahead to 2015, there’s plenty for markets to fret about. Rate hikes in the UK and US are a near certainty – after years of extraordinary monetary stimulus that propped up asset prices and kept sovereign bond yields low – as are [...]
Brent Crude oil price slips to $67.35 a barrel, hitting a new five-year low December 8, 2014 The price of Brent Crude has plunged to $67.35 a barrel, its lowest since the midst of the financial crisis in October 2009. The benchmark oil price fell almost $2 a barrel, or 2.5 per cent, hitting a new five-year low and surpassing its previous nadir on 1 December, as prices continue to tumble after [...]
BP could cut jobs to cope with falling oil prices December 7, 2014 Oil giant BP is being cut down to size by tumbling oil prices, according to reports. The Sunday Times has reported that the company is to axe middle managers and freeze projects, just days ahead of a day-long presentation to the City next Wednesday in which BP is expected to lay out its exploration [...]