Oil prices have risen steadily this quarter. Benchmark crude hit a 26-month high on Monday near $92 per barrel and is forecast by some analysts to be headed to $100, driven by quantitative easing in the United States and as data supporting robust growth in India and China drive demand. Analysts believe OPEC's evident reluctance to increase output and the prospect of continued dollar weakness add to the case for costlier oil in 2011.
Continue reading "Oil Price Trends"
Wednesday, May 13, 2009
Oil rose for a second day on Wednesday, after an industry group reported U.S. crude stockpiles dropped for the second week in a row and the dollar declined. Oil has climbed 34 percent this year, tracking global equity markets on optimism that an economic recovery will spur demand for fuel. Additional support for crude prices came from the dollar, which fell to the lowest level against the euro since March, bolstering demand for commodities as a hedge against inflation.
Continue reading "Dollar Slides, Crude Jumps"
Friday, April 17, 2009
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
Continue reading "Downward Pressure On Oil Price"
Friday, March 27, 2009
It was a stock that people loved to hate. During the first half of 2008, investors cringed when they saw rallies in the price of oil. As crude surged to $150 a barrel last year, equity investors bemoaned the hit, and worried and gossiped about the outlook for consumer-oriented firms which would need to spend more on gas. Then the tide turned.
Continue reading "Higher Oil: Sign Of Economic Growth"
Tuesday, January 27, 2009
Petroleos de Venezuela SA’s Petrosucre joint venture “assumed operational control” of Ensco International Inc.’s offshore drilling rig Ensco 69 after the Dallas-based company halted operations in a payment dispute. For full story, click here
Continue reading "Venezuela Takes Over Ensco Drilling Rig in Dispute"
Thursday, November 27, 2008
Russian President Dmitry Medvedev will arrive in Venezuela for talks with U.S. critic President Hugo Chavez, designed to boost cooperation in the energy sector. For full story, click here
Continue reading "Medvedev’s Venezuela talks to focus on energy"
Monday, November 24, 2008
Venezuelan oil minister Rafael Ramirez urged OPEC to agree to reduce supply by 1 million barrels per day at an emergency meeting in Cairo Nov. 29 and make the cut take effect before the end of the year. For full story, clik here
Continue reading "Venezuela: OPEC should cut further 1 mn bpd"
Wednesday, August 20, 2008
Venezuela’s Energy and Petroleum Minister, Rafael Ramirez, said: His country will propose production cuts at the next Organisation of the Petroleum Exporting Countries (OPEC) meeting if oil prices continue to fall. For more information, click here
Continue reading "Venezuela eyes output cut"
Monday, August 4, 2008
Barack Obama has asked the U.S. not to depend on oil from the Middle East and Venezuela in 10 years as part of a broad speech laying out his energy plans. Obama, Democratic presidential candidate, was quoted as saying: Breaking our oil addiction is one of the greatest challenges our generation will ever face. It’s [...]
Continue reading "Obama asks U.S. not to depend on foreign oil within 10 years"
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Thursday, December 30, 2010