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Tag Archives: price of oil

AP Explains: What does OPEC’s tentative deal mean for oil?

OPEC

DUBAI, United Arab Emirates (AP) — OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algeria, but a major disagreement between regional rivals Saudi Arabia and Iran still may derail any cut. What happened to oil prices and why can’t OPEC agree to anything more binding? ...

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What the Dallas Fed Quarterly Report means for Eagle Ford shale jobs

eagle ford, jobs

On June 29th the latest quarterly report released by the Federal Reserve Bank of Dallas addressed the capital spending, costs, production levels, employment and overall current business activities of energy companies from Louisiana, New Mexico and Texas. From approximately 200 gas and oil companies surveyed, 42 percent stated that they expect their employment levels to remain consistent with those of ...

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Oil price unlikely to rise much further, global agency says

LONDON (AP) — The price of oil is unlikely to rise much further after rallying almost 90 percent since January, as the global market shows signs of stabilizing, the International Energy Agency said Tuesday. The Paris-based agency, which advises the world’s top oil consuming nations, nudged up its estimate for global oil demand this year in its monthly report. It ...

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US stocks end a bumpy day slightly lower

US stocks end a bumpy day slightly lower

U.S. stocks extended their three-day losing streak Tuesday, closing slightly lower after spending most of the day wavering between gains and losses. Energy companies led the decline as the price of U.S. crude oil sank nearly 6 percent. It’s now at about $28 a barrel. The market’s bumpy ride followed a slide in European stock indexes and steep losses in ...

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Russian deputy finance minister: lower oil price, more spending cuts

LONDON – Russia’s government will react to fresh falls in the price of oil by cutting fiscal spending above and beyond what has already been done, Deputy Finance Minister Alexei Moiseev said on Tuesday. He was speaking as oil prices crashed to new 2009 lows, with Brent crude briefly under $40 a barrel and U.S. crude under $37. Moiseev told ...

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Oil prices fall on oversupply and refinery strike concerns

LONDON- Oil prices fell on Monday as worries about oversupply and a further rise in dollar exchange rates pushed Brent futures down by over a dollar to around $59 a barrel. “The term structure of oil continues to weaken and inventories keep piling up. This frames the stage for lower prices in 1Q15,” said Bank of America Merrill Lynch d ...

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Global agency sees oil price recovery but no return to highs

PARIS — The price of oil is poised for a “relatively swift” recovery following the recent collapse to under $50 a barrel, but it will not come close to returning to the highs of past years, the International Energy Agency predicted Tuesday. In a report, the Paris-based organization of 29 major oil-importing nations said the rebound in recent days of ...

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Oil prices rally above $53 as investors pile in

LONDON – Crude oil prices rose on Monday as investors shrugged off a U.S. refinery strike and focused on a falling U.S. rig count that signaled lower production down the line. “There were a lot of people on the sidelines waiting for an opportunity to buy,” said Bjarne Schieldrop, chief commodity analyst at SEB. “Brent has struggled sideways for a ...

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Oil dips below $45 as OPEC signals no cuts

NEW YORK — The price of oil has dipped below $45 a barrel following the latest sign from OPEC that the group doesn’t plan to cut production. The comments from the energy minister for the United Arab Emirates, a member of OPEC, put more downward pressure on crude Tuesday. The comments reaffirmed the position of OPEC’s Arab Gulf members that ...

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