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 [...]
Oil prices set for long-term slump as WTI price forecast lowered through 2016 August 19, 2015 Oil companies should brace themselves: the black stuff's slump is set to be long-term, according to the US Energy Information Administration (EIA), which just lowered its oil price forecast through to the end of next year. Although prices rallied briefly yesterday on bullish US economic data, the EIA thinks this recovery is unlikely to last. [...]
Light at the end of the North Sea oil pipeline: Oil firms have all taken a hit by the decline in global crude prices. But has it hit rock bottom? August 19, 2015 The affect of fraught conditions in oil markets on North Sea companies was revealed yesterday as John Wood Group and Cairn Energy announced their half-year results. Wood Group revealed it has axed around 5,000 jobs in response to the decline in crude oil prices, with 1,000 of them coming from North Sea operations. The company’s [...]
Saudi stocks drop to seven month-low as weak oil prices knock confidence August 18, 2015 Saudi Arabia's Tadawul All Share Index dropped to its lowest value in seven months today, after the International Monetary Fund (IMF) issued a warning about the country's oil dependence. The index finished the day 2.85 per cent lower at 8,197.02 points, marking the sixth consecutive day of declines. Read more: Saudi Arabia's Tadawul stock [...]
Wood Group to slash thousands of jobs amid oil price plunge August 16, 2015 Top oil contractor Wood Group has been forced to slash thousands of jobs as tumbling commodity prices continue to ravage key North Sea producers. The FTSE 250-listed firm cut more than 4,000 jobs in six months, with at least 1,000 in Britain, its half-year results are expected to show tomorrow. Earlier this year, Wood Group [...]
Diesel price falls to its lowest in five years August 14, 2015 Good news if you're planning a getaway this weekend: the price of diesel has fallen to its lowest in five years, after oil prices continued their inexorable slide yesterday. Figures by Experian Catalist showed prices fell to 112.48p per litre today, its lowest since January 2010. Meanwhile, the price of petrol has dipped to 115.24p [...]
Oil prices: US benchmark WTI crude tumbles to six-year low at $41.92 August 13, 2015 Oil prices continue to tumble as US benchmark West Texas Intermediate (WTI) is trading at a six-year low today. WTI crude fell 3.2 per cent over the day to trade at $41.92 a barrel. The global benchmark Brent crude has also slipped further, trading down to $49.18 a barrel. Oil prices have slumped 60 per [...]
Low oil prices will push demand to a five-year high, says the IEA August 13, 2015 Low oil prices are set to spur on the fastest growth in oil demand for five years, the International Energy Agency (IEA) said today. However, prices could stay lower for a long period as producers opt against rapidly cutting back production. Global oil demand is set to grow by 1.6m barrels per day this year, [...]
IEA: Oil supply glut to last until the end of 2016 August 12, 2015 Low oil prices are set to spur on the fastest growth in oil demand for five years, the International Energy Agency (IEA) said today, but prices could stay lower for a long period as producers opt not to rapidly cut back production. Global oil demand is set to grow by 1.5m barrels per day this [...]