Piercing the bitcoin veil: Businesses should beware the risks of trading with a sanctioned entity February 3, 2016 In January the EU and the US lifted economic and financial sanctions against Iran in a ground-breaking deal that unfroze billions of pounds of assets and opened up new markets for the first time since 2010. Despite the fanfare surrounding the deal, in the small print a warning remains: some EU and US financial sanctions [...]
US markets tumble on oil price woes February 2, 2016 The S&P 500 closed down 1.87 per cent to 1,903 points today, as the black stuff continued to fall on fading hopes of a deal to cut production between Opec and non-Opec producers. Oil prices careered lower, with Brent crude, the global benchmark, slumping around five per cent to $32.54 per barrel. Similarly, West Texas Intermediate crude, [...]
FTSE 100 closes back below 6,000 points on BP fourth quarter results and falling oil prices February 2, 2016 Britain's blue-chip index tumbled back below the 6,000 mark today, as BP reported its biggest loss in at least 20 years and oil prices continued to fall The FTSE 100 closed down 2.28 per cent to 5,922.01 points this afternoon, after touching a low of 5,892.87 points earlier in the day. Shares in BP fell 7.15 per cent [...]
US West Texas Intermediate crude oil price just went below $30 per barrel again as talks of a deal dwindle February 2, 2016 The US oil benchmark, West Texas Intermediate (WTI), has fallen under $30 per barrel for the first time in over a week as rumours of a production cut deal between Opec and non-Opec members diminished. Brent crude was trading around $32.61 when WTI dipped under the psychological $30 barrier. WTI, also known as Texas light sweet, came into price parity [...]
Oil prices: Iraq will co-operate to cut production in bid to prop up Brent crude January 30, 2016 Iraq's oil minister has said his country would co-operate if Organization of the Petroleum Exporting Countries (Opec) and non-Opec members agree to cut crude production, in the wake of a supply glut that's sent oil as low as $27 per barrel this year. It comes as one of Opec's poorer member, cash-strapped Venezuela, has called a meeting to [...]
Brent crude and WTI: Oil prices fall as hope over production cut fades January 29, 2016 Oil prices wavered today, as soaring oil output coincided with dampened optimism around a possible production cut from some of the world's biggest producers, the Organization of the Petroleum Exporting Countries (Opec) and Russia. Brent crude, the global benchmark, fell 0.35 per cent to $33.77 per barrel, after ending 2.4 per cent higher yesterday. West Texas Intermediate, the US [...]
Lifting of Iran sanctions causes Opec output to soar to fresh highs in January January 29, 2016 Opec oil production soared to its highest level in almost two decades this month, with Iran driving the largest increase in supply, according to a new survey. Saudi Arabia and Iraq also ramped up production in January, the Reuters data said. The oil market is already suffering with a massive supply glut, thanks to Saudi’s [...]
Chevron just posted its first quarterly loss since 2002 thanks to low oil prices January 29, 2016 Is this the surest sign yet the fall in oil prices is more than just a blip? US oil goliath Chevron has posted its first quarterly loss since 2002, saying the nearly 50 per cent drop in oil prices had hit it hard. The company posted a loss of $588m (£412m) in its fourth quarter, down [...]
Barclays rubbishes talk of oil production cuts as oil price jumps on hopes Opec is open to working with Russia on managing supply January 29, 2016 Oil prices have gained almost 6.5 per cent on the week, largely thanks to a recent surge on the back of rumours Opec is willing to work with Russia in managing oil supply. Yesterday the Russian energy minister, Alexander Novak, said it was reasonable to discuss the situation in the oil market, and possible cuts to [...]
Chancellor George Osborne facing Budget squeeze after postponing Lloyds share sell-off January 28, 2016 George Osborne was dealt a double blow yesterday, as Britain’s economic growth slowed and the government was forced to postpone the sell-off of Lloyds, with economists warning that taxes could be raised to make up for a shortfall in the public finances. The sale of the final chunk of Lloyds shares – which was expected to [...]