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Removal of sanctions against Iran could hit oil
U.S. and Europe have finally lifted sanctions on against Teheran on Saturday, move that could shake up oil markets.
read more... 19/01/2016
Shell exits major Abu Dhabi gas field project
Royal Dutch Shell declared on Monday it had decided to ditch a multi-billion-dollar plan to develop the Bab sour gas field in Abu Dhabi, the latest major project to fall victim to the worst oil-market recession in decades.
read more... 19/01/2016
Daily: Brent crude hits the weakest level since 2003 as Iran sanctions lifted
Oil prices plunged to the lowest level since 2003 on Monday, dragged down by prospects of Iranian oil adding to the global glut after the lifting of sanctions against Tehran over the weekend. Worries about economic slowdown in China pulled out crude oil by 20% since the beginning of the year. Brent crude for March delivery shed 1.4% to settle at $28.55 a barrel on London’s ICE Futures exchange. Earlier in the session, Brent declined as low as $27.67 a barrel, its weakest level in nearly 13 years. WTI crude for February delivery lost 1.6% to trade at $28.94 a barrel.
read more... 19/01/2016
Daily: European Cal’17 power contracts collapse at 13-year low tracking lower oil, coal and carbon prices
Crude oil prices plunged 6% on Friday to settle below $30 a barrel for the first time in 12 years, as Chinese stock markets declined further and traders expected an impending increase in Iran’s exports. Brent eased $1.94, or 6.3 percent, to settle at $28.94 a barrel, sticking below the key $30 a barrel threshold after briefly falling below that level in the previous two days. It dipped as far as $28.82, the weakest level since February 2004. U.S. crude lost $1.78, or 5.7 percent, to close at $29.42, after reaching a contract low of $29.13, its lowest level since November 2003, previously in the session.
read more... 18/01/2016
Daily: Oil rebounds after eight-day series of declines
Crude oil prices climbed on Thursday, breaking eight-day series of decline, as investors covered short positions, but the market closed not far from 12-year lows on concerns that Iran may inject barrels in an already oversupplied global market. Brent crude rose 72 cents, or 2.4 percent, to close at $31.03 a barrel. Earlier in the session, it jumped to $31.23 after declining to $29.73, its lowest level since February 2004. Over the past eight sessions, Brent had decreased by about $7 a barrel, almost 20 percent. U.S. crude's West Texas Intermediate (WTI) also increased 72 cents, or 2.4 percent, to settle at $31.20. It attained a 12-year low of $29.93 earlier this week.
read more... 15/01/2016