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Daily: Crude oil prices rally over 4 percent on oil producers meeting, IEA tighter market forecast
Crude oil prices posted the highest level in a month, hiking over 4 percent on Thursday, after Saudi Energy Minister Khalid al-Falih stated that oil producers would discuss potential action to prop up oil prices during a meeting next month in Algeria, move that triggered a round of buying. Additionally, The International Energy Agency forecasted an ample draw in global oil stocks in the next few months that would help tighten a glut that has persisted since 2014. U.S. crude closed at $43.49 per barrel, up $1.78 or 4.3 percent, while Brent crude advanced $1.99 or 4.5 percent , to end at $46.04, after both rallied more than 5 percent during the session.
read more... 12/08/2016
Portugal to end progressively the renewable power subsidies
Portugal is planning to start phasing out subsidies for renewable energy power, as Lisbon is facing some highest electricity prices in Europe that are impeding efforts to strengthen its struggling economy.
read more... 10/08/2016
Daily: British forward contracts firm as pound plunged to one-month low
Crude oil prices declined on Tuesday, dragged down by concerns about worldwide petroleum oversupply, offsetting forecasts for a weekly decline in U.S. crude stockpiles, weighing on energy shares and capping gains on Wall Street. Brent crude ended down 41 cents, or almost 1 percent, at $44.98 a barrel. U.S. West Texas Intermediate crude lost 25 cents, or 0.6 percent, to close at $42.77.
read more... 10/08/2016
Daily: British spot gas prices up, spurred by outages, firmer oil prices
Crude oil prices climbed over 3 percent on Monday amid fresh speculation that OPEC would try to cut output, reducing supply glut worries that had pushed the market into three-month lows last week. U.S. U.S. West Texas Intermediate (WTI) crude rose by $1.22, or 2.9 percent, to settle at $43.02 per barrel. WTI reached April lows below $40 a barrel last week. Brent crude increased $1.12, or 2.5 percent, to close at $45.39.
read more... 09/08/2016
Daily: Crude oil prices in slight decline as late short-covering offsets dollar impact
Crude oil prices closed little changed on Friday as short-covering returned in late trading, slightly declining as the U.S. dollar increased on upbeat U.S. jobs figures. The U.S. WTI contract for September delivery fell modestly 13 cents, or 0.3 percent, to close at $41.80 per barrel, after declining nearly 2 percent earlier. Brent crude's front-month lost just 2 cents to end at $44.27 per barrel. Previously in the session, it tumbled to $43.51.
read more... 08/08/2016