Showing posts with label Oil. Show all posts
Showing posts with label Oil. Show all posts

Tuesday, August 4, 2015

Oil Keeps Falling

Oil Keeps Falling

August 04, 2015 5 Percent , China Worry 0 Comments

Oil Dives 5 Percent To Six-Month Low Under $50 On China Worry


By Barani Krishnan, Aug 03, 2015 Yahoo

NEW YORK (Reuters) - Oil prices lurched 5 percent lower on Monday to their lowest since January, taking global benchmark Brent below $50 a barrel as weak factory activity in China deepened a commodity-wide rout.

Growing concerns over excess global oil supplies, heavy selling in pumped-up gasoline futures and technically driven momentum trading knocked prices to within a few dollars of the six-year lows touched at the start of this year.

U.S. crude had already fallen 21 percent in July, its worst month since 2008 amid mounting evidence of an expanding global glut and a stock market collapse in China, the world's largest energy consumer.

On Monday, the rout deepened after data showed Chinese manufacturing growth unexpectedly stalled in July and U.S. consumer spending advanced at its slowest pace in four months in June as demand for automobiles softened.

Read More: https://ca.news.yahoo.com/

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Sunday, May 31, 2015

More Pillage and Plundering

May 31, 2015 Andrew Critchlow , ISIL 0 Comments
Opec Under Siege As Isil Threatens World's Oil Lifeline

By Andrew Critchlow, May 30, 2015, The Telegraph

Thick black smoke rising from the Baiji oil refinery could be seen as a dirty smudge on the horizon as far away as Baghdad after fighters from the Islamic State of Iraq and the Levant (Isil) set fire to the enormous processing plant just over 100 miles north of the capital last week.

The decision to torch the refinery, which once produced around a third of Iraq’s domestic fuel supplies, was made as the insurgents prepared to pull out of Baiji, which they captured last June in a victory that sent shock waves across world oil markets.

A year on from the start of the siege and a shaky alliance of the Middle East’s major Arab powers, with the limited support of the reluctant US government, has failed to contain the expansion of Isil.

The problem for the US and the rest of the industrialised world is that the Middle East controls 60pc of proven oil reserves and with it the keys to the global economy. Should Isil capture a major oil field in Iraq, or overwhelming the government, the consequences for energy markets and the financial system would be potentially catastrophic.

Read the full story: www.telegraph.co.uk

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