Oil dips as crude stockpiles expand again
Oil dropped a second day after US crude stockpiles expanded again, keeping supplies at the highest level in more than eight decades.
oil price
Oil drops after Brussels airport explosions
Oil fell as the dollar strengthened against the euro after two explosions ripped through the Brussels airport departure hall on Tuesday morning.
Oil price hits $42 a barrel
Oil rose above $42 a barrel on Friday, hitting its highest this year and extending a rally into a fourth week on expectations of a production freeze by major exporters, stronger seasonal demand and dollar weakness.
Oil rallies after 2-day decline as US stockpile growth slows
Oil rallied after the biggest two-day slump in a month as U.S. industry data showed the pace of crude stockpile growth slowed amid a glut.
Oil extends advance above $36 as US explorers idle more rigs
Oil extended gains above $36 a barrel as U.S. drillers reduced the number of active rigs to the least in more than six years amid a global glut.
Opinion: Low oil prices driving the wheels of change for the Gulf’s infrastructure
With oil prices at historic lows, the impact on Gulf economies will be significant. Karim Nassif, Associate Director at Standard & Poor’s, argues that financing will have to adapt to meet the demand for infrastructure – and that renewable energy stands to benefit.
Oil pares fourth monthly decline as US explorers idle rigs
Oil pared its fourth monthly decline as U.S. drillers cut the number of active rigs targeting crude to the lowest in more than six years amid a global glut.
Oil caps biggest weekly gain since August amid producers talk
Oil capped the biggest weekly gain since August amid signs of strengthening US fuel demand and speculation that some producers will complete an accord to freeze output.
Oil stocks help FTSE to four week high
Oil stocks have helped London’s top flight index rise to a four-week high as the oil price rose to $35 dollars a barrel.
FTSE 100 bounces back from recent sharp falls
London’s top flight index bounced back from recent sharp falls as Lloyds sweetened investors by revealing a special £2 billion dividend.
MOL Group reports $1.6billion loss
Hungarian energy group Mol said it will scale back investment and target lower earnings after plunging oil prices caused a revaluation of its assets and led to a fourth-quarter loss.
JP Morgan sets aside $500m to cover oil and gas bad loans
JP Morgan will set aside an additional half a billion dollars to cover potential bad loans to oil and gas companies in the first quarter, underlining the sharp deterioration in the U.S. energy sector.
Oil industry set to further reduce spending this year says IEA chief
The oil industry is set to further reduce spending this year as crude prices remain low, according to the head of the International Energy Agency, signaling more pain for oil services and engineering firms.
Good day for oil stocks as S&P 500 hits six month high
US stocks rallied, with the Standard & Poor’s 500 Index closing at a six-week high, amid broad gains as a surge in oil prices helped lessen concern that a slowdown in global growth is deepening.
Oil slump fails to deter Dubai developers
If you thought declining home prices and rents would damp Dubai developers’ appetite for new projects, think again.
City experts debate when oil prices may rise
Aberdeen's oil and gas community heard that crude prices will bounce back to $60 per barrel by the end of the year - then again, they may not.
OECD slashes UK and global growth predictions
Growth prospects in the UK and global economy have been slashed as the Organisation for Economic Co-operation and Development (OECD) called for “urgent” action to boost flagging growth.
Iran supports oil freeze pact without pledging to cut its own production
Iran has supported an accord by Saudi Arabia and Russia to steady global oil markets by capping their supply, without saying whether it would temper its own production.
Crude rally brought to abrupt halt as output frozen – at its highest ever level
A brief rally in the cost of crude was brought to an abrupt halt after global oil giants failed once more to agree on production cuts, instead freezing output at its highest-ever level.
Oil extends loss to trade near 12-year low on cushing supplies
Oil extended losses to trade near a 12-year low as crude stockpiles at the delivery point for New York futures expanded to a record even as nationwide supplies slipped.
Oil price to recover in 2nd half of 2016, Deutsche Bank says
Oil prices will stage a gradual recovery towards the end of this year, according to a new Deutsche Bank report, which also flagged up fears over Europe’s economic recovery. It was published on the same day a study from Oil and Gas UK (OGUK) showed the mood among North Sea companies has deteriorated. Deutsche Bank’s report, titled Still Deep in the Woods, said the crude supply glut will persist throughout the first half of the year as Opec holds firm on output, but that the picture will soon change.
Footsie slips despite BG Group’s results
London’s FTSE 100 Index struggled for direction, as oil and gas exploration firm BG Group announced it had steered the business back into the black.
Cheap fuel prices may have bottomed out warns RAC
Motorists have been warned that the cheap fuel market may have bottomed out as the price of oil shows early signs of recovery.
Exxon Mobil profits cut by 50%
Exxon Mobil has announced estimated 2015 earnings of $16.2billion compared with $32.5billion a year earlier.
Oil resumes decline near $30 as US supplies worsen global glut
Oil resumed its decline near $30 a barrel after U.S. industry data showed crude stockpiles increased, exacerbating a global glut.