Oil price rallies on US inventory figures August 5, 2015 Finally, a bit of good news for oil investors: the black stuff was up almost $1 a barrel, or 1.92 per cent, in afternoon trading, after figures showed US inventories had declined for the second week in a row, while Saudi Arabia announced plans to raise prices – but only for its Asian customers . Brent [...]
ICE Brent crude oil falls below $50 a barrel August 4, 2015 Brent crude oil has fallen below $50 a barrel to hit a six month low. ICE September Brent crude, which acts as the global benchmark, fell 18 per cent in July. Having fallen by 4.64 per cent in the first session of August trading, it lost more than $2, falling to $49.58, its weakest price [...]
Brent crude oil drops below $51 per barrel for the first time since January August 3, 2015 The price of Brent crude dipped as much as 3.4 per cent in afternoon trading to $50.43 per barrel, its lowest since the January this year, as the commodities crisis continued to weigh on the market. The news drove the rouble down 1.67 per cent against the dollar, to $0.01593. Russia's economy is heavily dependent [...]
Commodity prices hit corporate spending – global capex down at least 10per cent dragged by sliding energy and mining sector August 3, 2015 The long slide of commodities prices is taking its toll on corporate spending, it seems: global expenditure is predicted to shrink by at least 10 per cent this year, according to new research from rating agency Standard & Poor's (S&P). Spending is expected to continue falling well into next year, according to S&P’s forecast, before [...]
Russian central bank cuts interest rate, pushing down rouble July 31, 2015 The Russian central bank has cut its benchmark interest rate again, this time by half a percentage point, to 11 per cent. It's the second time in as many months it's cut its interest rate – and that's after it slashed it by two percentage points in January, one percentage point in March and 1.5 [...]
Today’s job cuts at Shell and Centrica were about more than just rapidly falling oil prices July 31, 2015 The UK’s offshore oil and gas industry is at a crossroads. Though it has spent over £500bn and employed hundreds of thousands people in high-skilled jobs across the UK to extract the nation’s oil and gas over the last 50 years, it has found itself with a bloated cost base and worrying inefficiency. Job [...]
US mulls oil price war with Middle East: Senate debates lifting ban on exports July 31, 2015 Senators in the US have raised the prospect of an oil price war with the Middle East. The Senate held a crucial meeting on whether the decades-old ban on exporting crude oil should be lifted, with chair of the Senate committee on energy and natural resources, Lisa Murkowski, arguing the US should “compete against our [...]
The great oil reset: Shell to axe 6,500 jobs as black gold price set to stay low July 31, 2015 Oil giant Shell revealed yesterday that it will axe 6,500 jobs this year, as new figures highlight the extent of cost-cutting throughout the industry. Shell slashed capital expenditure to around $30bn (£20bn) for 2015, a reduction of $3bn since the group’s last update in April. With extremely low oil prices taking their [...]
Tullow Oil profit halves as price of oil stays low July 30, 2015 Tullow Oil posted half-year results in line with expectations yesterday, despite the continuing weak oil price leading to significant drops in revenue and profit. Revenue was down by 35 per cent in the six months to 30 June, from $1.27bn (£811m) to $820m, while gross profit plummeted by 50 per cent, from $681m to [...]
Looks like we’re not going back to $50 Brent crude after oil prices rose following positive news on supplies July 29, 2015 The price of a barrel of Brent crude oil jumped 1.1 per cent to $53.94 in late afternoon trading after a report showed a surprise dip in US oil reserves. A report by the US Energy Information Administration showed oil stocks fell to 459.7m barrels in the week to Friday, down 4.2m barrels from the [...]