Falling crude oil prices drop Canada into its first recession since 2009 September 2, 2015 Canada has officially entered a recession, after their economy shrank again in the second quarter of this year, by 0.5 per cent. Plunging oil prices were blamed for putting the country back into recession for the first time since the financial crisis, though the 0.5 per cent GDP contraction beat forecasts. Lower oil [...]
Oil prices plunge on disappointing economic data from China September 1, 2015 Oil's upward streak has come to an abrupt end, after the commodity was hit by disappointing manufacturing data released by China this morning. Read more: Oil prices jump more than 10 per cent in biggest one-day rally since 2009 In August, the world's second-largest economy experienced a contraction in its factory activity to 49.7 [...]
Italy’s Eni discovers potentially one of “world’s largest” natural gas fields off the Egyptian coast August 30, 2015 Italian oil and gas company Eni today said it's discovered a "super-giant" natural-gas field off the Egyptian coast and it could be one of largest in the world. Eni said the discovery, at its Zohr prospect, was the largest discovery ever made in the Mediterranean Sea. It potentially holds 30 trillion cubic feet of lean [...]
Oil prices keep rising – just in time for the great bank holiday getaway (but the good news is Morrisons and Sainsbury’s have cut petrol prices) August 28, 2015 After Brent crude made its biggest one-day gain in six and a half years yesterday, rising more than 10 per cent to $47.56 per barrel, it looks like oil prices are continuing to rise today – just in time for the great bank holiday getaway. This morning Brent crude was up more than one per [...]
Total reaches £585m deal to sell North Sea oil and gas assets August 28, 2015 French oil major Total plans to rid itself of £585m of its North Sea assets to North Sea Midstream Partners. The company is selling all of its interests in the Fuka and Sirge gas pipelines and the St. Fergus gas terminal. The Fuka pipeline, in which Total has a 100 per cent operated interest, [...]
Oil prices jump more than 10 per cent in biggest one-day rally since 2009 August 27, 2015 Oil prices went through their sharpest rise in six and a half years today, as the commodity benefited from recovering equity markets and reduced fears over China's economic slowdown. Read more: Commodities plunge to 16 year low as China fears push oil prices down further US crude finished the day 10.3 per cent higher [...]
Oil analysts predict price spikes for Brent crude as early as 2016 August 27, 2015 The price of oil cannot stay at its current sub-$50 levels beyond next year, energy analysts have warned. Due to a lack of growth in North American shale production and increased decline in mature fields, a Brent price as low as $50 per barrel is not sustainable beyond 2016, according to research from Rystad [...]
Oil prices at rock bottom: Shares in energy companies plummet – should you purge your portfolio? August 26, 2015 Oil prices have fallen to their lowest levels since the financial crisis. The price of Brent crude went down to $42 a barrel earlier this week, before recovering a little. The news is shocking because, when oil prices were first slashed from over $100 a barrel to around $50 last June – due to the fact that [...]
Saudi Arabia begins quest for austerity as its economy sinks in plunging oil prices August 25, 2015 There's no escaping the market meltdown – even Saudi Arabia, which for years has revelled in its oil-rich economy, is having to consider austerity measures. Read more: Saudi Arabia's Tadawul stock exchange opens to foreign investors: Here are six companies you should watch According to anonymous sources who spoke to Bloomberg, the kingdom is [...]
Oil prices hit six-year lows as global commodities rout continues August 24, 2015 As global equities continue to plummet, commodities are doing the same. After Bloomberg's commodity index sank to a 16-year low overnight, oil prices continued their rout this morning, with both WTI and Brent crude falling to six-and-a-half year lows. Read more: Black Monday? FTSE edges towards 6,000 Brent crude was down 3.65 per cent at [...]
