Oil eyes yearly price highs despite US stockpiles rising, and denials Opec will cut production March 6, 2016 The price of oil is set to record fresh highs for 2016 this week, despite comments from the Saudi Arabian oil minister that the de facto Organization of the Petroleum Exporting Countries (Opec) leader will not cut its production and stubbornly high reserves of oil in the US. Saudi Arabia will maintain its oil market [...]
Brent crude and WTI: Oil prices stay higher after US jobs report March 4, 2016 Oil prices rose today, as strong US employment data fed into optimism that the market may have finally bottomed out. Brent crude, the global benchmark, rose 1.4 per cent to $37.59 per barrel this morning, putting it on course to end the week with a gain of more than five per cent. Meanwhile, West Texas Intermediate crude, [...]
Record number of more than 1.2 million first time asylum seekers registered in the EU last year March 4, 2016 In 2015, a record number of over 1.2 million first time asylum seekers registered in the EU, according to new data from European statistics body Eurostat – a figure more than double that of the previous year. More than a third of the first time applicants were registered in Germany, which received 441,800 applications – 35 [...]
Dallas Fed warns oil market won’t stabilise this year March 4, 2016 The Dallas Fed chief said the oil market won't rebalance this year, as he warned persistent weakness in the energy sector could send "negative ripples effects" through financial markets. Robert Kaplan, Dallas Fed president, said demand and supply won't balance until mid-2017, however this could change if the Organization of the Petroleum Exporting Countries (Opec) alters its production strategy. "This forecast [...]
Oil producers set time and place for second production freeze meeting – Nigeria’s oil minister March 3, 2016 The second meeting of the Organization of Petroleum Exporting Countries (Opec) and non-Opec producers are planning to meet in Russia on 20 March to continue talks on freezing oil output, according to Nigeria’s oil minister Emmanuel Kachikwu. At the first meeting in February, brokered by de facto Opec leader Saudi Arabia; Russia, Qatar and Venezuela agreed they would cap their [...]
US oil stockpiles are somehow still rising, defying the low price as Russia and Saudi Arabia become increasingly desperate for a deal March 2, 2016 Stockpiles of oil in the US have continued to defy the low oil price, adding the most barrels since April 2015, four times forecasts. The price of crude has barely even blinked however, up almost a dollar on the day. International benchmark Brent crude is trading for $36.92, while West Texas Intermediate is going for $34.57. [...]
Fiat Chrysler recalls 2,500 jeeps in Russia due to safety concerns March 2, 2016 Fiat Chrysler has voluntarily recalled 2,496 cars in Russia, the Russian technical safety watchdog Rosstandart has confirmed. Those affected are the Jeep Cherokee and Jeep Commander vehicles made between 11 March 2005 and August 2007. The cars were sold up until 2008. In December last year Fiat was forced to issue a recall for 570,000 SUVs globally and in [...]
Russian oil production shows first sign of freeze deal March 2, 2016 Russian oil production was flat in February, in the first sign of the country's participation in a historic production freeze deal among some of the world's biggest producers. Energy Ministry data showed oil output held at the same rate in January of 10.88m barrels per day. In tonnes, it hit 43.064m compared to 46.006m in January, which [...]
Knight Frank Wealth Report 2016: The world’s super-rich population shrank last year March 2, 2016 The world's population of super rich shrank by three per cent last year as a more volatile financial climate and the continued fall in oil prices dented their wealth. Knight Frank’s Wealth Report released today found that there were 187,500 high net worth individuals (UHNWI) – those with $30m assets or more – at the [...]