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Daily: Crude oil prices plunge at seven-year low on OPEC failure to address a growing supply
Crude oil futures plunged 6 % on Monday, posting their weakest level in nearly seven years, after OPEC hesitated to address an intensifying oversupply, while a stronger dollar also weighed on crude decrease. Brent and U.S. crude settled at or near February 2009 lows on Monday. Brent lost $2.27 to close at $40.73, after hitting a February 2009 low of $40.60. WTI crude fell $2.32 at $37.65 a barrel. That was its lowest settlement since February 2009, and after reaching a session low of $37.50.
read more... 08/12/2015
The United States of.. Gas & Oil are 73% cheaper than EU
We've been talking about it for months, crude oil is not performing as every oil tycoon and trader would wish to and if we take into analysis the average value year on year, the Brent is about to close 2015 with a strong decline of about 44.8% compared to 2014, average price as of today is about 54.8 $/bbl , touching lows not familiar even during early post 2008-2009 financial crisis. The average price in 2009 was 62.69 $/bbl.
read more... 08/12/2015
Daily: Crude oil prices decline as OPEC decided to maintain production at record highs
Crude oil prices declined on Friday following the news that the OPEC was planning to keep its production near record highs despite a collapse in oil prices, intensifying worries about an oversupplied market. Brent crude oil futures shed 84 cents, or nearly 2 percent, to close at $43, after a rebound in early trade. The benchmark contract was within cents of Augusts’ 6-1/2-year trough. U.S. crude futures slipped $1.11, or nearly 2 percent, to settle at $39.97.
read more... 07/12/2015
Daily: Oil futures soar ahead of OPEC meeting
Crude oil prices hiked on Thursday, on expectations of a possible reduction in production from the OPEC and the U.S dollar weakness helped crude oil to rebound by nearly 3% of a decline that dragged the WTI below $40 a barrel. On the New York Mercantile Exchange, WTI crude for delivery on January rose $1.14, or 2.9%, to close at $41.08 a barrel. Brent crude for January delivery increased by $1.35, or 3.2%, to close at $43.84 a barrel on London’s ICE Futures exchange.
read more... 04/12/2015
Daily: Crude oil prices plunge on supply glut, on higher interest rate expectations
Brent crude dipped to nearly seven-year low and WTI crude plunged under $40 a barrel on Wednesday, after the U.S. government unveiled a 10th consecutive weekly hike in crude supplies and on expectations from a higher interest-rate by the central bank later this month. Brent crude declined by $1.95, or 4.4%, to settle at $42.49 a barrel on London’s ICE Futures exchange, the lowest settlement since March 2009. WTI crude for January delivery eased $1.91, or 4.6%, to close at $39.94 a barrel on the New York Mercantile Exchange.
read more... 03/12/2015