Oil tumbles below $40 for first time since 2004
Oil prices tumbled below $40 despite an announcement from OPEC of a record production cut. For full story, click here
Articles Tagged "cut"
Oil steady at $40 after 4-year low on demand gloom
Oil steadied around $40 a barrel on Thursday, near its lowest in more than four years, as further evidence of slowing demand trumped OPEC’s biggest ever production cut. For full story, click here
OPEC ready for deepest oil cut to rescue prices
OPEC oil ministers meet on Wednesday to remove a record 2 million barrels per day from oil markets as they race to balance supply with the world’s collapsing demand for fuel. For full story, click here
Vietnam to reduce petroleum imports to curb trade deficit
Vietnam will cut imports of petroleum products by about 3 million metric tons next year as it seeks to curb the widening trade deficit. For full story, click here
Declining crude prices could reduce deep-water drilling
So far unscathed by falling oil prices, costly deep-water drilling projects in the Gulf of Mexico could soon become less attractive if crude prices continue declining. For full story, click here
Aramco to reduce crude oil supplies to Japan
Saudi Arabian Oil Co. (Aramco) told the Japanese oil distributors that it will cut crude oil supplies to Japan by about five percent in December. For full story, click here For company’s website, click here
Japan Cosmo Oil further slashes Nov, Dec crude refining
Japanese refiner Cosmo Oil Co informed that it has reduced crude oil refining volume plans for November and December by an additional 3.5 % or 180,000 kilolitres. For full story, click here For company’s website, click here
Oil price soars after slump
Oil prices soared as the dollar weakened against the euro and on evidence that OPEC crude exporters were cutting output. Raymond Carbone, president of brokerage Paramount Options, said: You’re just seeing the dollar give back a lot of its gains in (the) last couple sessions. That’s leading a lot of commodities higher. For full story, click [...]
Benchmark: Things fall apart?
Along with OPEC production cuts and healthy company numbers, (both discussed below) the market is clearly disjointed. The tenor of discussions in the business pages and networks lately suggests that Yeats was right, and the centre cannot hold. Recession or recovery, echo boom or bust, few are predicting prolonged instability somewhere between these extremes.
Oil prices advance post rate cuts in China, US
Prices extended gains after interest rate cuts in the United States and China, which boosted expectations of higher demand; Michael Davies, analyst at the Sucden brokerage, said: Oil futures were higher on the back of yesterday’s US and Chinese rate cuts, which should help boost economic recovery. The weakening US dollar amid the rate cut also boosted [...]
