Dip for market as oil producers fail to agree deal
The London market edged lower as crude prices fell after a key meeting of oil producers ended in stalemate.
crude
Fall in crude oil prices hits London shares
The London market opened on the back foot as crude prices fell after a key meeting of oil producers broke up without agreement.
‘Good times’ at an end as cost of petrol rises
Motorists have been warned that the period of lower fuel prices is over after the cost of petrol rose last month for the first time since July 2015.
FTSE 100 lifted slightly, falling oil prices dampen trade
The London market struggled for direction, amid a fall in the price of oil and light trading across Europe.
Oil set for first weekly drop since February amid swelling glut
Oil headed for the first weekly decline since February as OPEC production rose and expanding US stockpiles kept inventories at the highest level in more than eight decades.
Oil halts two-day slide after US rig count resumes decline
Oilrose for the first time in three sessions after the number of active rigs fell in the U.S., potentially easing a supply glut. Futures advanced as much as 1.1 percent in New York, paring a 4.8 percent loss in the previous two sessions. Rigs targeting oil in the U.S. fell by 15 to 372, according to Baker Hughes Inc. More than 150 have been parked since the start of the year.
Oil poised for first weekly decline since mid-February
Oil was poised for the first weekly decline since mid-February as US crude stockpiles expanded again, keeping supplies at the highest level in more than eight decades.
Scottish small businesses report gloomy outlook
A majority of small Scottish firms expect business conditions to worsen, according to a quarterly report.
Oil investors see $7.4 billion vanish as dividends are targeted
Bludgeoned by falling energy prices, at least a dozen oil and natural gas companies have opted to cut dividends this year to preserve cash, cannibalizing payouts considered sacrosanct by many investors.
US oil output headed to four-year low as shale boom wanes
U.S. crude production will fall to its lowest since 2013 next year as battered shale drillers idle rigs to conserve cash, according to a government report.
Iran’s oil market return not yet fulfilling grand promises
Iran’s return to global oil markets after sanctions were lifted isn’t living up to the country’s grand ambitions, or at least not yet.
Bullish oil bets rise as hedge funds see supply tightening
Talk of an output freeze by OPEC and Russia along with falling US production spurred money managers to bet oil is ready for a rebound.
Enbridge boosts profits on crude volume increase
Enbridge has reported a fourfold rise in its quarterly profit boosted by an increase in crude volumes.
Oil trades below $31 as rising US crude stockpiles expand glut
Oil traded below $31 a barrel after U.S. crude stockpiles rose to the highest in more than eight decades as Saudi Arabia and Russia propose to freeze output amid a worldwide surplus.
Oil extends gain as Iran backs output freeze without vowing cuts
Oil extended gains above $31 a barrel as Iran supported a proposal by Saudi Arabia and Russia to freeze production at near-record levels, without saying whether it would curb its own output. Futures climbed as much as 3.5 percent in New York after rising 5.6 percent Wednesday. Iran backs any measures to stabilize markets including the output cap, Oil Minister Bijan Namdar Zanganeh said after talks with Qatar, Iraq and Venezuela, according to a report from the Shana news service.
Oil rally falters on signs of slowing China as OPEC output rises
Oil’s longest rally this year faltered on signs industrial activity in the world’s biggest energy consumer is deteriorating and as OPEC pumps a record amount of crude. Futures lost as much as 2.5 percent in New York to snap a four-day advance. China’s purchasing managers index dropped in January to a three-year low, with the official factory gauge signaling contraction for a record sixth month.
London shares struggle despite rise in oil prices
The London market struggled for direction this morning, despite oil prices continuing to gain ground and brightening prospects for world trade.
Markets tumble amid sliding oil prices
Markets tumbled on opening this morning as traders reacted to sliding oil prices, and as Royal Dutch Shell said its earnings are expected to more than halve for 2015. The FTSE 100 Index fell 3%, or 175.2 points, to 5699.5 after the price of Brent Crude fell below $27.50 before staging a slight recovery.
Cosmo Oil purchase US crude oil cargo
Japan’s Cosmo Oil has purchased a US crude oil cargo, the first by a buyer in the country since the 40 year ban on US crude exports.
Iran’s crude oil exports could reach nine-month high
Iran's crude oil exports are said to be on target to reach a nine-month high this month.
Oil jumps from 12-year low as China volatility dominates markets
Oil was swept along by volatility in Chinese markets, rallying from a 12-year low as the country sought to quell losses in its equities and stabilize its currency. Futures rose as much as 3.2 percent in New York after China suspended a controversial equity circuit breaker system and its central bank set the yuan’s reference rate little changed after an eight-day stretch of weaker fixings. Crude slid Thursday to the lowest since December 2003 as market turbulence reverberated across the globe amid concern over economic growth in the world’s biggest energy consumer.
Oil finds a silver lining in China’s unsated thirst for crude
China’s insatiable appetite for crude is at least one thing oil bulls can count on this year.
Oil retreats toward $37 as Hong Kong China stocks fall with Yuan
Oil fell, giving up some of a rally Tuesday that helped push U.S. stocks toward a gain for 2015. Chinese shares in Hong Kong fell as the offshore yuan touched an almost five-year low, while the US dollar extended its advance. West Texas Intermediate crude dropped 1.9 percent, holding above $37 a barrel. Standard & Poor’s 500 Index futures fluctuated after the US benchmark halted a two-day slide. The Hang Seng China Enterprises Index fell for a third day, widening a divergence with mainland equities.
OPEC sees demand for its crude oil falling for rest of decade
OPEC said demand for its crude will slide to 2020, though less steeply than previously expected, as rival supplies continue to grow. The organization will need to pump 30.7 million barrels a day by the end of the decade, OPEC said Wednesday in its annual World Oil Outlook. That’s 1.7 million barrels more than projected a year ago, and 1 million less than the group pumped in November. The forecast underlines the struggle faced by the Organization of Petroleum Exporting Countries as it seeks to defend market share against a surge in output from rivals such as the U.S. and Russia. While OPEC is slowly taming the expansion of competitors, the collapse in oil prices means the financial costs of its strategy are immense. Brent crude futures touched an 11-year low of $36.04 a barrel on Dec. 21.
Nigeria to boost 2016 budget even as crude revenue declines
Nigeria’s government said it will boost spending by a fifth in next year’s budget without overstepping borrowing targets, even as oil revenue in Africa’s largest economy is set to fall. Under a three-year economic plan approved by the cabinet, expenditure will rise to 6 trillion naira ($30.2 billion), Budget and Planning Minister Udoma Udo Udoma told reporters late Monday in the capital, Abuja. Lawmakers last week authorized an increase of 466 billion naira in this year’s budget of 4.5 trillion naira to pay for fuel subsidies and troops fighting an Islamist insurgency in the northeast.