brent

This tag is associated with 15 posts

WTI Crude Falls Below $40 First Time Since 2009: Some Analysts See The Bottom As Low As $10

“American benchmark WTI crude briefly slipped below $40 per barrel for the first time since 2009, showing an eighth straight weekly decline , the longest streak in almost 30 years,” RT reports. According to the news agency: During the intraday trading in New York, the benchmark WTI crude price dropped as low as $39.86 per … Continue reading

Oil Market Report: Highlights By International Energy Agency

Crude oil prices fell sharply during July and into early August, pressured by an abundance of supply and a strong US dollar. By early August, global benchmarks had sunk around 25% below end June levels. At the time of writing, ICE Brent was trading at around $49 /bbl while NYMEX WTI was at $43.30/bbl. Global oil … Continue reading

Outflow From The Largest US Oil ETF Reached $1 Billion In April-May

The biggest U.S. exchange-traded fund (ETF) that tracks oil, the United States Oil Fund, known as USO, is heading for the largest two-month outflow in six years. Investors are worried that it could be the end of crude’s 30 percent rally. Shareholders of the USO have withdrawn almost $1 billion so far since the beginning of April, … Continue reading

Goldman Sachs: Oil Prices Could Fall To $30 A Barrel

Goldman Sachs President Gary Cohn told CNBC on Wednesday he is very concerned about the short-term window for oil. He thinks crude prices could fall to $30 a barrel. One of the major reasons is the industry runs out of storage space. With the winter heating oil season ending, refineries are turning to producing more gasoline … Continue reading

Goldman Sachs Eyes $40 Oil As Weather, Violence Enter Modeling

As Goldman Sachs looks towards a future $40 per barrel price of oil, private equity funds are building dry powder for further investments. With oil in a state of backwardation – the future price is higher than the current spot price, sometimes considered a positive sign for those wanting higher prices – Goldman Sachs Group … Continue reading

OPEC Will Hold Extraordinary Meeting If Oil Plunge Continues – Cartel President

The OPEC member states are discussing the possibility of an emergency meeting should oil prices continue to fall, said Nigerian Oil Minister, and OPEC President Diezani Alison-Madueke. Prices have dropped by than half since their peak last summer. If the price “slips any further it is highly likely that I will have to call an … Continue reading

Why $10 Barrel Crude Oil Might Become Reality

The United States has accumulated record volumes of crude oil in reserves, now hovering like the sword of Damocles over the global energy markets and the world’s several petrocracies. By Sputnik News Global oil prices dipped this past week, ending a month-long rebound, which some observers had seen as a good sign for both the corrupt petrocracies around the … Continue reading

Saudi Arabia: S&P Lowers Outlook On Oil Price Negative Trend

S&P Rating agency has lowered the outlook for Saudi Arabia to negative at the back of sliding oil prices. The country is the world’s top oil exporter. The agency maintained its sovereign credit rating for the kingdom due to the country’s very solid fiscal condition and despite the substantial deficit planned. S&P also stated that “… … Continue reading

Oil Plunge To $20 Could Be On The Horizon, Citigroup Warns

A recent surge in the price of oil is simply a “head-fake,” and oil as cheap as $20 a barrel could be around the corner in 2015, according to report from Citigroup that was released on Monday. In Citigroup’s report, Edward Morse – the firm’s global head of commodity research – said that Brazil and Russia are … Continue reading

Oil Prices Plunge Below $60 on Weak Forecast by IEA

The oil glut continues, says the latest International Energy Agency’s (IEA) report which slashes demand growth forecasts for 2015. A weak economic outlook for China, Europe, and Russia will see demand rise one percent, not enough to offset oversupply. Oil demand growth for 2015 was slashed by 230,000 barrels per day, and is set to … Continue reading

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