For the first time since July, oil futures are down below $100 per barrel.
Articles Tagged "oil prices"
Saxo Capital Markets has a look at the major triggers for oil prices that investors should note with the ongoing crisis in the Middle East.
United States Congress debates surrounding a military strike against Syria pushed fears of crude oil supply disruptions in the Middle East under the rug on Wednesday. But according to market experts, whether or not the US strikes out against Syria, the oil market is in for a bullish time.
Bloomberg reported that Brent crude fell below $100 a barrel, its lowest since July, as signs of weak economic growth have lowered demand.
Reuters reported that oil prices dipped 3%, its lowest daily drop in 5 months, as crude inventories in the US reach their highest levels since 1990 according to the EIA.
Bloomberg reported that West Texas Intermediate oil dropped for the fourth time in 5 days after data showed an increase in US inventories, higher than last week’s forecast.
Reuters reported that the United States’ oil consumption dropped unexpectedly in December, which pulled down the total annual demand last year at lowest level since 1996, according to the Energy Information Administration.
Reuters reported that the prices of oil went up 80 cents as traders grew bullish on high U.S. stock markets.
Bloomberg reported that International Energy Agency’s chief economist, Fatih Birol, said the prices of oil are harming Europe, which will need to spend 500 billion euros on oil imports this year, over 200 billion euros more than average.
Reuters reported that the prices of oil went up on heightened concerns on gasoline supply which rose 2% in the United States.