Liam Halligan Follow 28 April 2019 • 9:00pm Brent crude rose above $75 a barrel last Thursday for the first time this year. That’s up from $51 at the start of 2019, a 47pc rise in less than four months. Is oil heading, once again, above $100 a barrel – where it was in the run up to the 2008 global financial crisis, and for much of the period between 2011 and 2014? Triple-digit oil pushes up costs and broader inflation, eats into profitability and generally slows growth – at least in oil-importing nations like the UK. Or will this rise in the price of the black stuff be relatively short lived? I think it’s the latter, although this recent surge isn’t over yet. Oil prices are heavily swayed by geopolitics – and the geopolitical news has... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only … [Read more...] about Why the oil price spike will run out of fuel
Why oil prices are rising
Like the rest of us, John Giandonato isn't happy about rising gasoline prices. "We're the largest producer in the world of oil and the distribution is incredible," the Schaumburg resident said Thursday as he fueled up at a station that was selling regular unleaded for $3.09 a gallon. "I don't know why we're paying so much in taxes on the fuel that we get." A month ago, the average price of gas in the Chicago metropolitan area was $2.59 a gallon, according to AAA Chicago. The average price crossed the $3 mark this week and was $3.02 on Thursday."It's not ideal," Elle Cartabiano of Naperville said as she pumped gas into her truck. "I'm not going any long distances."Dharmesh Dhakkr, the co-manager of the Mobil station at Algonquin and Higgins roads in Elk Grove Village, said the higher prices have customers buying less gas."Customers are asking why gas prices are up," Dhakkr said.AAA spokeswoman Beth Mosher said gas prices usually rise this time of year. Here is what she said about … [Read more...] about Gas prices are more than $3 now. Will they rise even more?
SYDNEY (Reuters) - Oil prices inched up on Thursday, buoyed by hopes that potential progress in the latest Sino-U.S. tariff talks would improve the global economic outlook. U.S. West Texas Intermediate (WTI) crude futures were at $53.76 per barrel at 2338 GMT, up 10 cents, or 0.2 percent, from their last settlement. They closed up 1.5 percent on Wednesday, having touched their highest since Feb. 5 at $54.60 a barrel. International Brent crude oil futures had yet to trade. They closed the previous session up 1.9 percent, after marking their strongest since Nov. 21 at $63.98 a barrel. Optimism that a trade deal could be reached between the United States and China was boosted when U.S. President Donald Trump said talks were going "very well". "The 90-day truce (on trade) agreed in December will run out on March 1, but given the progress of the talks there could be an extension, which is why there are rising optimism that the two leaders will meet later that month," said Alfonso Esparza, … [Read more...] about Oil prices edge up on hopes for U.S.-China trade breakthrough
Published January 31, 2019 Oil Reuters Facebook Twitter Comments Print video Economists' claims of American energy independence overstated? Former Shell Oil President John Hofmeister on the impact of U.S. sanctions on Venezuela and the push for U.S. energy independence. Oil prices rose for a third straight day on Thursday on tighter supply after U.S. sanctions on Venezuelan exports and lower-than-expected U.S. fuel stocks, extending a surge this month as a so-called OPEC+ production cut pact took effect. Continue Reading Below The Organization of the Petroleum Exporting Countries (OPEC), along with allies including Russia, announced supply cuts effective Jan. 1 to tighten the market after worries over a global glut caused heavy price losses in late 2018. MORE FROM FOXBUSINESS.COM BP CEO: OIL, GAS IS A HIGH-TECH INDUSTRY WHY OIL, GAS GIANT CONOCOPHILLIPS STOCK BUCKED INDUSTRY TRENDS COMPANY BEHIND KEYSTONE XL PIPELINE, TRANSCANADA, … [Read more...] about Oil prices extend rise this month on tighter supply signs
By Russell Gold WSJ Mon., Jan. 21, 2019 The number of electric vehicles is growing. Consumer discomfort with plastic bottles is rising. Diplomats are pushing global action to curb greenhouse-gas emissions. The price of renewable energy continues to fall. While none of these trends bode well for the oil industry, they aren’t even the major forces expected to weigh on oil in 2019. This year, the factors that will most likely drive the price of oil are the Trump administration’s showdown with Iran and the strength of the global economy. In other words, prices will depend on geopolitics and the balance of supply and demand. Welcome to the new oil market, same as the old market. Oil analysts are keeping an especially close eye on U.S. sanctions on Iran, which over the summer was exporting about 2.3 million barrels of oil a day. The sanctions, which began in November, have knocked about 1.3 million barrels a day of Iranian exports from the market. But the … [Read more...] about Why Oil Prices May Hinge on U.S.-Iran Showdown