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Tag Archives: Brent crude

Oil prices edge up as U.S. drilling declines

SINGAPORE – Oil prices edged up in early trading in Asia on Monday as U.S. drilling slowed and analysts estimated that $1.5 trillion worth of planned American production was uneconomical at prices of $50 per barrel or lower. Crude oil prices have plunged almost 60 percent since June 2014, when soaring global production started to clash with slowing demand. This includes ...

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Like it or not, China’s crude oil futures will be a global benchmark

SINGAPORE – China’s push to establish a crude derivatives contract has been met with early skepticism, but oil executives say the country’s growing economic influence means a third global crude benchmark is inevitable. A derivatives contract would give the Shanghai International Energy Exchange, known as INE, a slice of an oil futures market worth trillions of dollars, offering a rival ...

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Russia to see bigger slump as global outlook worsens: Reuters poll

MOSCOW – Russia’s economy is heading for a bigger contraction this year than previously expected as a lower oil price and weaker global economy weigh, a Reuters poll of analysts predicted on Monday. Economists are revising down their forecasts after a renewed slide in the international oil price, exacerbated by global concerns focused on China’s weakening economy. The poll of ...

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OPEC is producing at a loss, Ecuador admits

Member nations with the Organization of Petroleum Exporting Countries (OPEC) are feeling the financial stress created by low oil prices and many, such as Equador, are now pumping oil at a loss. As reported by FuelFix, earlier this week Ecuador President Rafael Correa said that while production costs average about $39 per barrel, the country is fetching as little as ...

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Mood sours among Saudi businessmen as oil slides

RIYADH/KHOBAR, Saudi Arabia – Saudi Arabian entrepreneur Essam al-Zamel has overcome many obstacles to found a string of technology companies in the past decade, but he thinks sliding oil prices will be hard to handle. “A black economic cloud is covering the skies of Saudi Arabia,” Zamel tweeted last week, warning that prices might not recover for five or 10 ...

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Oil plunges on China worry, pares losses in volatile trade

NEW YORK – Crude oil futures fell sharply to fresh 6-1/2-year lows on Monday, then pared losses in volatile trading as a dive in Chinese equities sparked more fears of drastically curbed oil consumption even as a supply glut pressures prices. A near 9-percent tumble in China shares roiled global markets and sent the Dow Jones Industrial Average down more ...

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Oil sinks to $40, logs longest weekly losing streak in 29 years

NEW YORK – U.S. oil prices dived again on Friday, threatening to dip below $40 a barrel for the first time since the financial crisis and notching their longest weekly losing streak since 1986, as a drop in Chinese manufacturing rattled global markets. World stock and currency markets joined an extended rout across raw materials this week, a slump accelerated ...

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OPEC concern widens about oil drop, but cuts still ruled out

DUBAI/LONDON – Some of OPEC’s Gulf members are concerned about the latest drop in oil prices which had not been expected, OPEC delegates said, but they see little chance of the exporting group diverting from its policy of defending market share. Brent oil is trading near $46 a barrel, close to its 2015 low after an 18 percent drop in ...

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