Latest news
Daily (10.01.2017): British gas prices rise on cold snap forecasts
Oil prices sank by around 4% on Monday on concerns that record Iraqi crude exports and rising U.S. production would undermine OPEC's efforts to lessen global oversupply. In Iraq, OPEC's second major producer, oil exports from the southern Basra ports hit a record high of 3.51 million barrels per day (bpd) in December, according to the oil ministry.
read more... 10/01/2017
Daily: Oil prices up, but below session highs on Libya’s pipeline restarts
Crude oil prices boosted on Tuesday but closed below session highs after Libya unveiled the restarts of pipelines after a two-year blockade that ended earlier this month. Benchmark Brent crude for February delivery rose by 43 cents, or 0.8 percent, to settle at $55.35 a barrel after touching an intraday high of $55.92. U.S. crude futures a gained 1.46 percent to $52.88 a barrel. Libya expects to add 270,000 barrels a day in state production in the next three months.
read more... 21/12/2016
Daily: Oil skyrockets at highest level in 18 months on non-OPEC deal
Crude oil prices skyrocketed to an 18-month high on Monday after OPEC and some of its rivals inked their first deal since 2001 to jointly cut output to fight against the global oversupply. On Saturday, producers from non-OPEC, led by Russia, agreed to slash output by 558,000 barrels per day, short of the target of 600,000 bpd but still the largest non-OPEC contribution ever. Brent crude futures rallied $1.36 to settle at $55.69 per barrel, a 2.5 percent rise, after hitting a session peak of $57.89, the highest since July 2015. The U.S. WTI rose by $1.33 to end at $52.83 a barrel, a 2.6 percent gain, though that was sharply off the day's highs.
read more... 13/12/2016
Daily: Crude oil rocketed over 10% after OPEC’s decision to cut production
Crude oil prices surged over 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world’s biggest producers agreed to limit production for the first time since 2008 in a bid to prop up prices. Yesterday, OPEC decided to slash production from January by around 1.2 million barrels per day (bpd), or over 3 percent, to 32.5 million bpd. U.S. West Texas Intermediate crude futures for January delivery rose by $4.21 to close at $49.44 a barrel, posting a 9.6 percent gain. They earlier rallied 10 percent, the largest one-day hike since February. Brent crude futures for January delivery climbed $4.09 a barrel or 8.82 percent to end at $50.47 a barrel. The contract expires Wednesday, and the February contract soared 8.9 percent to $51.51.
read more... 01/12/2016
Daily: British gas prices rebound due to an unplanned outage
Oil prices declined slightly on Wednesday as investors doubted that OPEC will agree to an output reduction large enough to curb significantly the global glut of oil as U.S. drilling increases. Oil prices oscillated thorough the day, opening lower in the morning and later shortly turning positive after the EIA said U.S. crude inventories unexpectedly declined 1.3 million barrels last week after three consecutive weeks of rises. Brent crude futures lost 17 cents, or 0.35 percent to settle at $48.95 a barrel. The U.S. WTI crude oil futures fell 7 cents, or 0.2 percent, to end at $47.96 a barrel.
read more... 24/11/2016