Brent crude oil price tops $60 as US supply plummets February 13, 2015 The price of oil has nudged back above $60 per barrel for the first time since the end of last year, after a closely-watched report suggested supply from the US has fallen. This morning a barrel of crude oil rose more than $1 to $60.32, while West Texas Intermediate (WTI) rose 1.4 per cent to [...]
Bank of England’s Mark Carney: Interest rate cut is possible as UK heads toward deflation February 12, 2015 Bank of England governor Mark Carney revealed yesterday that interest rates could drop even further below their historic low of 0.5 per cent, as the collapse in global oil prices drags Britain towards deflation. In a mandatory letter to chancellor George Osborne, Carney said that if “global activity continues to disappoint, or if low inflation [...]
UK oil and gas companies facing “triple whammy” threat February 11, 2015 Oil and gas producers are facing an "economic triple whammy" as plummeting oil prices squeeze revenues, forcing through cost cuts, which in turn could lead to industry-wide under-investment. Oil prices have fallen around 60 per cent since July last year, forcing FTSE-listed companies such BP, BG Group and Tullow Oil to make huge write-offs and [...]
Tullow Oil share price falls four per cent as it unveils $2bn loss February 11, 2015 The figures Irish oil firm Tullow Oil reported a $2bn (£1.3bn) pre-tax loss, its first in 15 years, amid crumbling oil prices. This dragged its full-year revenue down 16 per cent to $2.2bn ($1.4bn). The FTSE 100 company also suspended its dividend, making no final payment in 2014, meaning shareholders received four pence per share. Its shares [...]
Weak Eurozone dampens boost of low oil prices February 10, 2015 World growth will not surge on falling oil prices, analysts at Moody’s said today, because problems in the Eurozone and China’s economic slowdown will dampen any boost. The impact of lower oil prices may even have an adverse effect in some struggling Eurozone countries, said the author of the report. “In the Eurozone, the fall [...]
Opec reveals oil demand is set to grow in 2015 February 9, 2015 BRENT crude oil was up slightly yesterday, to around $58 a barrel, after the Organisation of Petroleum Exporting Countries (Opec) projected that global oil demand will go up over the next 12 months. Demand for Opec crude in 2015 was revised up by 400,000 barrels per day (b/d) from the previous month’s assessment, to average [...]
Oil price jumps as Opec’s strategy undercuts rivals’ supply February 9, 2015 Oil prices rose after the Organisation for Petroleum Exporting Countries (Opec) said demand for its crude oil will rise this year as rivals' supplies suffer, reinforcing the group's decision not to cut production in November. Its monthly oil market report said demand for the group's crude oil will jump by around 100,000 barrels a day to 29.2m [...]
Oil price drop: Bosses at top US firms won’t have their pay cut February 8, 2015 The dramatic fall in oil prices since the middle of 2014 will not affect the pay of those working at the top of the industry. According to compensation consultants and investors who spoke to Reuters, the chief executives at the largest oil companies in the US will not experience reductions in their total pay, [...]
Oil prices just had their best two-week run in 17 years finishing up 2.2 per cent to $57.8 per barrel February 7, 2015 Oil prices roared towards big weekly gains that have not been seen in years on Friday, as investors shrugged off concerns over a global supply glut, and instead focused on future levels of production. Brent crude, the global benchmark, posted a nine per cent gain for the week, or the biggest since 2011. Prices were [...]
European Commission raises Eurozone growth forecast to 1.3 per cent on crumbling oil prices and weak euro February 5, 2015 The European Commission nudged up its official growth forecast for the single currency bloc today, citing crumbling oil prices, a weaker euro and the European Central Bank's (ECB) generous stimulus package unveiled earlier this year. The Eurozone will grow at a rate of 1.3 per cent this year and 1.9 per cent in 2016, the [...]