Total reaches £585m deal to sell North Sea oil and gas assets August 28, 2015 French oil major Total plans to rid itself of £585m of its North Sea assets to North Sea Midstream Partners. The company is selling all of its interests in the Fuka and Sirge gas pipelines and the St. Fergus gas terminal. The Fuka pipeline, in which Total has a 100 per cent operated interest, [...]
Oil prices jump more than 10 per cent in biggest one-day rally since 2009 August 27, 2015 Oil prices went through their sharpest rise in six and a half years today, as the commodity benefited from recovering equity markets and reduced fears over China's economic slowdown. Read more: Commodities plunge to 16 year low as China fears push oil prices down further US crude finished the day 10.3 per cent higher [...]
Oil analysts predict price spikes for Brent crude as early as 2016 August 27, 2015 The price of oil cannot stay at its current sub-$50 levels beyond next year, energy analysts have warned. Due to a lack of growth in North American shale production and increased decline in mature fields, a Brent price as low as $50 per barrel is not sustainable beyond 2016, according to research from Rystad [...]
Oil prices at rock bottom: Shares in energy companies plummet – should you purge your portfolio? August 26, 2015 Oil prices have fallen to their lowest levels since the financial crisis. The price of Brent crude went down to $42 a barrel earlier this week, before recovering a little. The news is shocking because, when oil prices were first slashed from over $100 a barrel to around $50 last June – due to the fact that [...]
Saudi Arabia begins quest for austerity as its economy sinks in plunging oil prices August 25, 2015 There's no escaping the market meltdown – even Saudi Arabia, which for years has revelled in its oil-rich economy, is having to consider austerity measures. Read more: Saudi Arabia's Tadawul stock exchange opens to foreign investors: Here are six companies you should watch According to anonymous sources who spoke to Bloomberg, the kingdom is [...]
Oil prices hit six-year lows as global commodities rout continues August 24, 2015 As global equities continue to plummet, commodities are doing the same. After Bloomberg's commodity index sank to a 16-year low overnight, oil prices continued their rout this morning, with both WTI and Brent crude falling to six-and-a-half year lows. Read more: Black Monday? FTSE edges towards 6,000 Brent crude was down 3.65 per cent at [...]
China’s economic slowdown: Commodities plunge to 16 year low as China fears push oil prices down further August 24, 2015 Commodity companies’ shares have been hit hard by crashing oil prices and “Black Monday” market fears that China’s slowdown will worsen a global oversupply of raw materials. Bloomberg’s commodity index, a basket tracking 22 different raw materials, tumbled to 86.3542 today, its lowest level since 1999, as commodity prices continue to slump amid a global [...]
Oil prices: US crude WTI crashes below $40 for first time in six years August 22, 2015 US oil tumbled to its lowest level in six years, crashing through its $40 floor on deepening worries over China’s slowdown. The US benchmark West Texas Intermediate fell as low as $39.86 a barrel, before recovering slightly to close at $40.45, representing a drop of over two per cent in a day. The plunge comes [...]
WTI crude oil price is tumbling towards $40 a barrel as it sets up for second longest losing streak in over 30 years August 21, 2015 US oil price benchmark West Texas Intermediate (WTI) crude spent the afternoon plummeting towards the $40 a barrel mark, its lowest level since 2008. In late afternoon trading, the benchmark was hovering around $40.16 a barrel. This comes as WTI is set to hit its second-longest losing streak in more than 30 years, falling more [...]
As the price of US oil slides to almost $40 per barrel, has it still got further to fall? August 20, 2015 Alex Dryden, global market strategist at JP Morgan Asset Management, says Yes With oil prices drilling multi-year lows, investors are asking how much further they can fall. Predicting the movement of oil is difficult even at the best of times. However, a look at the supply and demand dynamics suggests that black gold could slide [...]