Brazil to begin discussions on joining oil cartel Opec January 22, 2020 Brazil is set to begin discussions on joining oil producer cartel Opec, its energy minister announced today. Bento Albuquerque said that talks would begin during a visit to Saudi Arabia, the group’s de facto leader, in July this year. He hastened to add that Brazil would not join the group this year. Brazilian president Jair [...]
Oil prices steady as China-US trade deal optimism offset by slow Chinese economic growth January 18, 2020 Oil prices steadied on Friday as sluggish economic growth in China offset optimism of a trade deal between the US and China. Brent crude oil rose 23 cents to finish Friday’s session on $64.85 a barrel, which was 0.2 per cent down for the week. It comes after China revealed on Friday that its economy, [...]
Tullow Oil books $1.5bn writedown as it cuts outlook for oil prices January 15, 2020 Tullow Oil sounded the alarm on oil prices today, booking a $1.5bn (£1.15bn) writedown on its outlook after lowering its long-term oil price outlook. The energy firm slashed its prediction for oil prices by $10 to $65 a barrel, with underwhelming well exploration and a reduction in Ghanian reserves also contributing to the writedown. “Tullow [...]
Barrelling towards conflict: How the oil market reacted to Iran-US tensions January 14, 2020 For good or ill, oil remains the lifeblood of the global economy. It is essential to industrial production, to how we transport goods (as well as ourselves) around the world, and how we heat our homes and generally go about our everyday lives. Rising oil prices can therefore act as a handbrake on global growth, [...]
Gold and oil prices climb as Iran crisis deepens after attacks January 8, 2020 Gold and oil prices have risen after Iranian missile attacks on Iraqi military bases housing US and UK personnel caused already heightened tensions in the Middle East to flare. The precious metal surged more than two per cent to hit a seven-year high overnight, breaking through the $1,600 barrier for the first time since 2013 [...]
Middle East tensions to raise fuel prices for UK drivers January 7, 2020 Ongoing tensions in the Middle East will have an impact on UK drivers, with fuel prices set to rise at least 2p a litre in the next two weeks, according to the RAC. Simon Williams, the RAC’s fuel spokesman, said that dispute between the US and Iran “will cause the oil price to go up [...]
Oil prices jump and gold hits seven-year high amid heightened Middle East tensions January 6, 2020 Oil prices have continued to rise after US President Donald Trump threatened Iraq with sanctions if the country expels American troops. Gold also hit a seven-year high as investors seek shelter from mounting tensions in safe haven assets. Read more: Qasem Soleimani: Trump threatens Iraq with sanctions if US troops are expelled The precious metal [...]
Oil prices surge after US kill Iran general Qassem Soleimani but Wall Street stocks stutter January 4, 2020 Oil prices surged as much as $3 per barrel on Friday as it and other safe havens such as gold all rallied following the US airstrike which killed Iran’s top military commander, General Qassem Soleimani. While the attack on the head of the elite Quds Force and promise of revenge from Iran left traders concerned, [...]
European stocks falter after US kills top Iranian general in Baghdad January 3, 2020 European markets faltered this morning amid rising tensions after the US confirmed that it had killed one of Iran’s top military officials in an air strike. In the UK, the FTSE 100 opened 0.5 per cent down, with the biggest fallers being the travel groups and airliners EasyJet, IAG and TUI Group. Read more: Donald [...]
Oil prices rise on renewed hopes of US-China trade deal December 26, 2019 Oil prices lifted this morning as markets responded to a potential breakthrough in US-China trade talks and production cuts by producer group Opec. Brent crude rose 11 per cent to $66.23 a barrel in early trading, while West Texas Intermediate was up 0.25 per cent at $61.26. Read more: Shell takes $2bn hit amid slowing [...]