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British energy services company John Wood Group yesterday announced that it expects full-year results to be largely in line with expectations – an improvement on last year’s results, and defying fears over possible knock-on effects from the falling price of oil. The announcement comes after expectations arose of a steep fall in oil prices in [...]
The price of Brent crude oil is at its lowest level in more than four years. It has dropped by around 40 per cent this year, and now sits at $64.44 per barrel – significantly below the $107.95 it reached in June. With Opec – the Organisation of Petroleum Exporting Countries – predicting a surplus [...]
Russia's central bank has raised the country's borrowing costs as part of its struggle against crippling economic sanctions and plummeting oil prices. The Bank of Russia raised its key interest rate by one percentage point to 10.5 per cent, a move which was in line with analysts' expectations. It also said there could be further [...]
Britain's main equity index fell yesterday for a third day in a row as a further drop in the price of oil hit energy stocks. The blue chip FTSE 100 index closed down by 0.5 per cent, or 29.43 points, at 6,500.04 points – its lowest closing level since early November. Following the decline [...]
The average price of petrol in the UK has hit a four-year low, dropping below 120p a litre for the first time since December 2010. According to government figures, the average cost for a litre of unleaded petrol now stands at just 119.83p – a nine per cent fall from the year high 131.11p [...]
The Organization of Petroleum Exporting Countries (Opec) has slashed its demand forecast for next year. Opec, which released its monthly report today, said demand would drop to 28.92m barrels per day in 2015, down 280,000 from its previous forecast. It said that waning growth in global consumption, as well as the US shale gas boom [...]
Motorists are set to enjoy further drops in the cost of petrol, with some economists predicting prices close to £1 a litre in the near future. International oil prices fell to fresh five-year lows yesterday, while the cost of petrol on Britain’s forecourts also slipped further. Average prices were on the verge of falling [...]
As oil tumbles to another five-year low, the consequences for the global economy will be far-reaching Plummeting oil prices could give a major boost to the UK’s economic growth and provide a turnaround in fortunes for the Eurozone. Consultancy group Oxford Economics is forecasting the UK economy to grow by 2.6 per cent on average [...]
Britain’s top equity index retreated yesterday, with commodity stocks hurt by a new drop in the oil price and concerns about the pace of global economic growth, after disappointing data from China. The shares of energy services group Weir also slumped by 5.3 per cent after US-based brokerage Cowen & Company cut its price target [...]
Equities could see a lift, but it’s bad news for oil exporters Looking ahead to 2015, there’s plenty for markets to fret about. Rate hikes in the UK and US are a near certainty – after years of extraordinary monetary stimulus that propped up asset prices and kept sovereign bond yields low – as are [...]
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