WorleyParsons axes 2,000 jobs and cuts hours in face of oil price slide May 4, 2015 WorleyParsons, Australia’s largest oil services business, yesterday announced it was cutting 2,000 jobs and reducing work due to falling commodity prices. The firm, which has operations throughout the UK and the rest of Europe, forecast second-half earnings will fall about 50 per cent from the first half of the year. The Sydney-based company said that [...]
Rising oil prices boost UK shares – London Report April 30, 2015 BRITAIN’S top equity index closed slightly higher after setting a three-week low yesterday, with Royal Mail gaining on the prospect of lower competition and energy shares tracking a rise in oil prices. Royal Mail led the blue-chip FTSE 100 index, with the company’s shares rising 5.3 per cent after Dutch rival PostNL abandoned talks with [...]
Bank of Russia cuts rates more than expected April 30, 2015 The Bank of Russia has cut rates more than expected, from 14 per cent to 12.5 per cent, citing “persistent risks of considerable economy cooling”. Although a cut was widely expected, consensus had put the reduction at one percentage point, taking the country's base rate to 13 per cent. Rates peaked at 17 per [...]
UK Oil & Gas’ share price saga is just another symptom of Aim’s lack of regulation April 29, 2015 Yesterday's revelation that UK Oil & Gas (UKOG) doesn’t yet have permission from the regulator to drill in the Gatwick area will revive the recent saga surrounding claims that there could be 100bn barrels of untapped oil resource in the Horse Hill area once more. With this will, no doubt, come questions once more [...]
UK Oil & Gas share price falls as it admits Horse Hill licence will expire within months April 28, 2015 UK Oil & Gas, aka UKOG, aka the "Gatwick gusher" has admitted its licences to explore the area around Gatwick Airport where it discovered 100bn barrels of oil are due to expire shortly – one in the next six months. The news prompted UKOG's share price to tumble more than seven per cent to 2.86p [...]
BP’s share price shows it’s weathering the oil price crisis – in charts April 28, 2015 BP has suffered under the pressure of falling oil prices, as the continued low cost of the black stuff reshapes the oil industry. The company’s results, released today, showed a 20 per cent drop in profits – which, amazingly, was still above market expectations. Analysts expected earnings could fall to $1.28bn (£840m), but in the event, they [...]
Oil prices hover close to a four-month high April 27, 2015 Oil prices edged closer to a four-month high in afternoon trading, as a slowdown in US production and escalating conflict in Yemen took their toll on supply. Brent crude rose to $65.37 per barrel in mid-afternoon trading, while WTI, the US benchmark, rose 0.77 per cent to $57.59. It's no coincidence the rise in prices [...]
Low oil prices lead to highest number of first-quarter profit warnings since 2009 April 26, 2015 The low price of oil has caused the number of profit warnings issued by UK-listed companies to go up, according to a report by Ernst & Young (EY). Since June last year, the price of the commodity has dropped by over 40 per cent and currently stands at $65 per barrel. It's an improvement from [...]
Brent Crude oil prices have just hit a 2015 high on Yemen worries and US data April 23, 2015 Oil prices have surged today on the back of worries over the conflict in Yemen and new data suggesting a fall in US supplies, sending prices to their highest of 2015. Benchmark Brent Crude hit $65.13 a barrel, rising $2.40 or three per cent, its first move above $64 this year, while West Texas Intermediate rose $1.63 [...]
Eni chief exec Claudio Descalzi says Saudi Arabia has lost control of prices April 20, 2015 Eni's chief executive Claudio Descalzi has previously warned under-investment could lead oil prices to hit $200 per barrel – now he's back with another ominous forecast for the world's tumultuous oil market. Speaking to the Financial Times, Descalzi said the Organization of the Petroleum Exporting Countries (Opec) was neither willing nor able to control oil prices. Since the 1980s Opec, [...]