All hands to the pumps: The decline and fall of oil prices in one chart February 19, 2015 Oil prices are back down below $60 a barrel again, partly off the back of data showing the US inventory had skyrocket to 14.3m barrels last week. More on this story: How falling oil prices will hit the UK economy The decline in the global oil price has been a painful affair for some and [...]
Oil slides below $60 as US inventory leaps to 14.3m barrels February 19, 2015 The price of a barrel of Brent crude oil has slipped below the $60 mark again, after a survey by the American Petroleum Institute showed inventories had risen by 14.3m barrels last week. That's against expectations of 3.2m barrels. The shock rise goes against figures by oilfield services firm Baker Hughes, which showed the number [...]
Three reasons $10 oil is a very real possibility February 18, 2015 After a couple of weeks of rises during which oil prices gained 35 per cent, today they fell back by $1 to $61 per barrel, as investors showed renewed concern about a glut in the global supply of oil. Brent crude, the global benchmark, hit a six-year low of $45.19 in January – and the [...]
Brent crude oil price rally hits blip after analysts voice concerns February 18, 2015 The oil price rally appeared to be losing steam today with investors turning their attentions to the global supply glut, which would suggest low oil prices aren't going anywhere soon. Oil prices have jumped over 35 per cent since skidding to an almost six-year low of $45.19 per barrel in January, with oil producers' spending cuts [...]
Oil giant BP predicts Opec comeback as Brent crude price rises February 17, 2015 Saudi Arabia and its fellow Opec members are set to make a massive comeback and regain control of the world’s crude oil market, and could be in their previous position of influence as early as next year. The prediction, published by oil giant BP yesterday, is based on growth in America’s production of shale gas [...]
Wood Group hit by oil price drop so will cut $30m February 17, 2015 Aberdeen-based energy service company Wood Group expects to cut back on $30m (£19.5m) worth of expenses in 2015. The company yesterday reported a rise in profit of little under three per cent to $424.4m and saw its revenue go up by 7.8 per cent in 2014. An internal focus on efficiency will help Wood Group [...]
Record low inflation should not rule out a post-election rate rise February 17, 2015 The long-term view of UK inflation is much more positive than January’s figures suggest. Yesterday’s numbers showed that the UK inflation rate has fallen further – to 0.3 per cent. But the decline is showing signs of bottoming out – and temporary fluctuations should not distract us from this. Excluding food, drink, tobacco and energy, [...]
Warren Buffett sheds $3.9bn Exxon Mobil stake as oil prices tumble February 17, 2015 Warren Buffett’s Berkshire Hathaway shed its holding in Exxon Mobil in the fourth quarter of 2014 as the company reacted to tumbling oil prices. Berkshire had held 41m shares worth $3.9bn (£2.5bn) in Exxon and 471,994 shares in Conoco as recently as the end of September, but a regulatory filing has revealed that [...]
Infinis Energy blames flat third quarter results on oil market weakness February 16, 2015 Landfill gas business Infinis Energy reported revenue of £129.9m for the nine months ended 31 December 2014, compared with £125.7m in the same period of 2013, following a mixed performance which the firm partly attributed to weakness in the oil market. The company stated that its landfill gas operations had continued to perform ahead of [...]
The end of cheap oil? Brent crude just hit its highest price in two months February 16, 2015 Brent crude oil rose sharply to more than $62.17 per barrel today, its highest price since December. The black stuff built on strong gains over the past two days. West Texas Intermediate (WTI) crude rose to $53.14 per barrel. Last week Brent crude climbed above $60 per barrel for the first time since just before [...]