Crude oil prices yesterday rose to more than $60 a barrel, their highest level in six months, on hopes that the world economy would soon bounce back and demand for oil may recover.
But Nigeria is in early talks with the World Bank to secure a loan to help finance its budget deficit caused by the [...]
May 8 (Bloomberg) — Crude oil rose to the highest level since November after a report showed that the U.S. cut fewer jobs than forecast in April, a signal that the worst of the recession has passed and fuel demand may rebound.
Oil prices gained 10 percent this week as reports on U.S. home sales [...]
By Robert Tuttle and Grant Smith
March 3 (Bloomberg) — Oil gained, after dropping 10 percent yesterday, on speculation OPEC may take further steps to support prices at its meeting later this month.
The Organization of Petroleum Exporting Countries, implementing its biggest-ever supply cut, will devise a “solution” to boost oil prices when it meets on March [...]
By Jurjen van de Pol and Ben Sills
Feb. 3 (Bloomberg) — European producer prices declined more than economists expected in December on lower oil prices, adding to arguments that the region’s central bank should reduce interest rates more to combat the deepening recession.
Factory-gate prices in the euro region fell 1.3 percent from the previous month [...]
Exxon Mobil finished a roller-coaster year in the oil markets with an all-time record $45.2 billion in profits, despite fourth-quarter earnings that were a third lower than the same period a year before.
With oil prices slumping, Exxon Mobil suffered a sharp drop in profits from producing oil and gas but higher profit margins at refueling [...]
Oil and energy prices may rebound aggressively in the second half of 2009, said an analyst at Goldman Sachs Group Inc.
Oil prices are expected t increase to $65 a barrel by the end of this year in a “swift and violent rebound” said Jeffrey Currie, a commodities analyst at the bank, according to Bloomberg. He [...]
By Matthew Walter
Jan. 12 (Bloomberg) — Venezuelan President Hugo Chavez says he won’t adjust the oil-exporting country’s pegged exchange rate amid a plunge in prices for crude. Instead, seeking to maintain his popularity, he may devalue the currency by sleight of hand.
The government is already cutting its sales of dollars at the rate it [...]
By Nicholas Comfort
Dec. 29 (Bloomberg) — Natural-gas suppliers in Germany, Europe’s biggest energy market, expect to maintain deliveries of the heating fuel even as stockpiles fall to a seven-month low and Russia threatens to halt shipments to Ukraine.
Utilities E.ON AG and RWE AG and gas provider Wingas GmbH said customers won’t experience any disruption in [...]
By Chris Fournier
Dec. 27 (Bloomberg) — Canada’s currency fell as the nation’s gross domestic product shrank and crude oil fell below $38 a barrel, reducing the currency’s appeal.
The loonie lost 0.6 percent this week against its U.S. counterpart after climbing in the previous two weeks. The price of oil, which accounts for a tenth of [...]
By Shigeru Sato and Yuji Okada
Dec. 8 (Bloomberg) — Crude oil rebounded from six days of declines as OPEC’s president said the group may make a “significant” output reduction and U.S. President-elect Barack Obama pledged the biggest public works program in about 50 years.
A “severe” cut may be needed to halt the more than [...]
