Opec boss warns world needs $65 oil to avoid price shocks May 25, 2016 The head of Opec has warned that the world "badly" needs $65 oil to avoid any future price shocks. Low crude prices have left firms with less cash to fund exploration, while producers pumping to the hilt has shrunk the global spare capacity margin. The has left markets increasingly vulnerable to production outages and soaring prices. [...]
US oil hits seven month high as both West Texas Intermediate and Brent crude trade around $50 a barrel May 25, 2016 US oil hit its highest price in over seven months this morning, rising to as much as $49.35 in early trading, after industry data pointed to a larger-than-expected drop in US crude inventories last week. Brent crude was also up, hitting a high of $49.26. Data from the American Petroleum Institute showed that US crude [...]
Why long-term investors shouldn’t fear Brexit: Alarming projections have emerged about the impact of Britain leaving the EU on sterling, stocks and bonds. But there are reasons not to expect the worst May 25, 2016 You’d be forgiven for thinking the investment industry is united against Brexit. Accompanied by alarming forecasts about the impact of a Leave vote on sterling or the risk to various sectors of the UK economy, repeated reports have painted the referendum as a choice between emotion and reason, with Remain the only sensible option for [...]
More action in Amsterdam as London’s float market awaits referendum May 24, 2016 The Amsterdam stock exchange today welcomed a new €740m (£564m)-valued addition. Livestock feed company ForFarmers priced on the Netherlands Euronext on Tuesday, finishing the day with a share price of €6.95. Read more: London set for IPO market recovery… but not just yet While Europe’s flotation markets have experienced a slow start to the year, [...]
Oil market entering a phase of rebalancing claims Goldman Sachs May 24, 2016 Increased oil production from countries with lower costs is going to hold down the price of crude, according to industry experts at Goldman Sachs. Goldman commodity analysts claim the “new oil order” means that output from the likes of Iran and Iraq will soon entirely offset disruption from higher cost producers. Recently the oil price [...]
Old Mutual nearing US sale to pave way for UK business flotation May 24, 2016 Old Mutual is close to selling its US asset management business, paving the way for an initial public offering (IPO) of its UK wealth management arm. The group’s board has reportedly endorsed a deal that would see Affiliated Managers Group acquire the US business, OM Asset Management (OMAM). Read more: Six reasons this Old Mutual spin off might [...]
At the close: Traders looking up on bumper day for the FTSE 100 May 24, 2016 The markets were up today, the pound was up today and oil was up today, as buyers outnumbered sellers across the board. The FTSE 100 closed up 1.4 per cent at 6,219.26, with greens dominating screens, defying logic as economic data pointed to a looming US rate rise and UK public sector finances disappointed. Tesco was the [...]
The price of gold has just melted as rate rise expectations soared May 24, 2016 It's been anything but mellow yellow in the last few months, but today the price of gold skidded lower as investors showed their nerves over a potential US rate rise in the next few weeks. Yep – having hovered near a 15-month high just a few weeks ago, today gold fell 1.4 per cent to $1,233 [...]
Before the bell: What you need to know before the US market open May 24, 2016 China is trying to smooth US trade ties after threats of a tax hike on imports from Republican presidential nominee Donald Trump and the European Commission could decide today whether to allow ABInBev to buy SABMiller. Here's what you need to know before the open at 2:30pm London time. In the pre-market futures are pointing up. The [...]
Brent crude and WTI: Oil falls for fifth day in a row to hover around $48 May 24, 2016 Oil prices fell for the fifth day in a row to hover around the $48 per barrel mark today. Brent crude, the global benchmark, fell 0.4 per cent to $48.2 per barrel this afternoon. West Texas Intermediate crude, the US benchmark, also slumped 0.3 per cent to $48. Read more: Canada's oil heartland has some evacuation orders [...]