Brent crude oil price slips as Iraq supply concerns ease July 8, 2014 Brent crude fell below $110 a barrel yesterday, taking the price back to the level it was before the crisis sparked off in Iraq almost a month ago. News that Libya is set to ramp up production after rebels ended an almost year-long blockade on oil exports from two major ports put further pressure on [...]
Oil price slides as Libya set to boost exports July 7, 2014 Brent crude oil fell to a three-week low yesterday, on news of a potential rise in Libyan supply. The global oil benchmark dropped to just above $110 a barrel, having lost 2.3 per cent last week, after Libyan rebels agreed to allow the resumption of oil exports from two major ports, ending an almost year-long [...]
Sectarian warring in Iraq sparks fears, but oil prices stay stable June 30, 2014 Fierce fighting raged yesterday in the Iraqi city of Tikrit, as the country’s military struggled to dislodge an al Qaeda splinter group, after its leader was declared caliph of a new Islamic state in lands seized across a swathe of Iraq and Syria. Alarming regional and world powers – and briefly causing a spike in [...]
Eurozone growth stutters as French output threatened by oil price risks June 23, 2014 Preliminary survey data shows that the Eurozone's (still) fledgling recovery has stuttered in June. Purchasing managers' index (PMI) data released by Markit shows that the pace of expansion across the private sector has slowed a little, with a headline PMI of 52.8 in the euro area. Any number above 50 implies that order books are [...]
London Report: Concern over oil price pushes up London shares June 18, 2014 THE FTSE 100 was up yesterday, with oil companies lifting the market due to high crude prices in the wake of heavy fighting in Iraq, Opec’s second-largest producer. The index closed up 0.2 per cent, or 11.79 points, at 6,778.56 points. Brent crude oil rose towards $114 a barrel as Sunni militants pushed forwards in [...]
Energy crunch: Oil prices rise over Iraq fears as cost of gas jumps after Ukraine cut-off June 16, 2014 Fears of a disruptive energy price spike grew yesterday as conflict escalated in Iraq and Ukraine’s gas supplies from Russia were abruptly cut off. Experts warned that growing geopolitical risk could send oil and gas prices sharply upwards, prompting a more severe market reaction and even a slowdown in the global economic recovery. The US [...]
Oil price jumps as US considers a move on Iraq June 12, 2014 US PRESIDENT Barack Obama said last night that he would not rule out military action in Iraq, as the country descended further into violence following the fall of Mosul and Tikrit to Sunni Islamic insurgents. The turmoil has been reflected in global markets this week, with Brent crude oil hitting a three-month high of $112 [...]
Opec raises oil demand outlook for 2014 March 12, 2014 The Organisation of the Petroleum Exporting Countries (Opec) has today raised its forecast for oil demand growth in 2014 for the second month in a row. Opec, which accounts for 40 per cent of the world’s oil supply and represents 12 countries, has revised its forecast by 50,000 barrels per day to 1.14m bopd. Total [...]
Treasury committee to probe speculators over oil price surge July 14, 2008 The Treasury Select Committee will tomorrow examine the role of speculators in driving oil prices to record levels. Deputy chair of the influential committee Michael Fallon said: “We need to understand how much speculation is influencing that international market and what, if anything, governments can do about it.” Brent crude hit a new all-time high [...]
Russia’s Sibir Energy races towards FTSE July 8, 2008 London-listed mid-sized Russian oil company Sibir Energy said yesterday its full-year pre-tax profit trebled to $344m (£172m) due to higher output at its Siberian unit and strong margins from refining and retail. Sibir said its crude oil production rose 80 per cent in the year to 17.8 million barrels. Most of the output, 15.3 million [...]