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Daily: Crude oil slightly up, but pares gains as OPEC euphoria fades
Crude oil prices rose modestly on Monday, as the OPEC euphoria started to fade. The market lost confidence that OPEC cuts would be sufficient to limit oversupply given increased U.S. drilling activity. U.S. West Texas Intermediate crude jumped early in the day and began to pare gains in the late afternoon, ending at $51.79 a barrel, up 11 cents or 0.21 percent, before retreating to as low as $51.11 a barrel. Brent crude closed at $54.94 a barrel, up 48 cents - or 0.88 percent - before retreating to $54.22 a barrel.
read more... 06/12/2016
Daily: Crude oil records its best week in years after OPEC’s decision to slash output
Crude oil prices surged to the highest level in at least five years on Friday, steadying above $51 a barrel, following OPEC’s decision to slash crude output to control the global oversupply that dragged down prices for more than two years. Front-month Brent crude futures settled the session up at $54.46 a barrel, up 52 cents, 0.96 percent. The contract gained more than 15 percent for the week, its biggest increase since early 2009. U.S. crude ended at $51.68 per barrel, up 62 cents or 1.21 percent and posted its biggest weekly gain since early 2011, with a rise of 12 percent.
read more... 05/12/2016
BP gives the go-ahead for the $9bn Mad Dog 2 oil project in the Gulf of Mexico
BP has given the go-ahead for the $9bn Mad Dog 2 oil project in the US Gulf of Mexico despite a slump in oil prices.
read more... 02/12/2016
UK: British Gas and E.ON will freeze energy prices this winter
Centrica possessed British Gas and E.ON, two of Britain's "big six" providers, have frozen their standard energy prices this winter, adding to pressure on competitors to do the same.
read more... 02/12/2016
Daily: Brent rockets over 6% after OPEC output deal
Crude oil prices soared 5 percent on Thursday, with Brent crude at its highest level in about 16 months, prolonging gains after OPEC and Russia agreed to reduce output to fight against the global oversupply. Benchmark Brent futures rallied 6.88 percent or $3.47 higher at $53.94. Earlier in the session, prices climbed at $54.53 a barrel, the highest level since July 27, 2015. U.S. crude closed the session at $51.06, up $1.62 or 3.3 percent on the day. Its session high was $51.80 a barrel, 13 cents below its 2016 high.
read more... 02/12/2016