Oil prices hit three-month high as Brent oil chases best first quarter in eight years February 18, 2019 A rise in global oil prices has petered out after briefly reaching a three-month high this morning. International standard Brent crude reached prices of $66.79 per barrel at around 8.30am, but has since given back some gains. Read more: Oil prices end the week more than five per cent up and end on a 2019 high [...]
Oil prices end the week more than five per cent up and end on a 2019 high February 16, 2019 Oil prices reached their highest this year after rising more than 2 per cent on Friday in the wake of an increase in expectations on the tightening supply caused by an outage at Saudi Arabia's offshore oilfield. The progress made between the US and China in talks over their trade war also strengthened the position. Brent [...]
Options are running out for the man who destroyed Venezuela February 14, 2019 It takes some front for a man who has presided over a double-digit recession for three successive years to claim that his country is being destabilised by a “gang of extremists” rather than his own inept economic performance. But that is exactly what Venezuela’s embattled President Nicolas Maduro did this week, when he stated that the [...]
US considers 60-day extension to looming China tariff deadline February 14, 2019 US President Donald Trump is mulling a 60- day extension of the 1 March deadline for higher tariffs on Chinese imports, according to reports. Trump is considering an extension to the 1 March deadline for more than doubling tariffs on $200bn (£156bn) of Chinese exports in order to give the two sides more time to come to [...]
Tullow Oil promises dividend as it records first profit in five years February 13, 2019 Tullow Oil reported its first net profit in five years today, as its West Africa business boosted both its top and bottom lines in 2018. The figures Revenue climbed seven per cent year on year to $1.85bn (£1.4bn) for last year Tullow revealed today, as it recorded post-tax profit of $85m – up from a $175m [...]
Equinor falls short of expectations as production set to remain flat in 2019 February 6, 2019 Norwegian state oil producer Equinor slipped up on falling oil prices, as earnings failed to live up to expectations in the fourth quarter. Earnings hit $1.5bn (£1.2bn) after tax in the quarter, up from $1.3bn in the same period last year. Read more: BP more than doubles profit in bumper 2018 Meanwhile, adjusted earnings rose [...]
Opec exports to US fall to a five-year low as cartel cuts its output February 6, 2019 US oil imports from Opec countries have dropped to five-year lows as the oil producing cartel cuts output, while US domestic production grows. Opec’s sales to the world’s biggest economy fell 22 per cent month-on-month and 37 per cent year on year, to 1.4m barrels per day, data from energy intelligence company Kpler shows. Read [...]
Oil prices lifted by strong US job data and Venezuela sanctions February 2, 2019 Oil prices rose by about three per cent on Friday on the back of news that US job growth had been greater than expected, despite the government's month-long shutdown. The sanctions imposed on Venezuelan exports has also helped tighten supply, with the country's tankers stuck at ports. Brent crude oil rose $1.91 a barrel, or 3.14 per [...]
Total turnaround: French oil giant sets sights on safe bets after frontier exploration failed to produce results January 29, 2019 Total is planning its largest exploration push for years as the oil major switches focus towards safer drilling targets after it announced the biggest discovery in the North Sea for a decade. The company plans to drill 23 new wells this year, head of exploration Kevin McLachlan said. Read more: BP and Shell get green light [...]
Will 2019 be the year gold regains its shine? January 28, 2019 | City Talk Gold had a mixed year in 2018, quickly peaking around $1,366 in January, but falling as low as $1,160 by August. For a while it seemed that the correlation between risk-off appetite and gold prices had broken, with the yellow metal overlooked even in times of heightened uncertainty. But after a 7% recovery since early [...]