Oil

Oil

Study: Persian Gulf states on track for $180B in construction contracts

Source: 
Reuters

Reuters reports that despite falling oil prices, wealthy oil-producing states in the Persian Gulf are on track to award $180 billion in new construction contracts this year, according to a new report from the Gulf Cooperation Council.

Oil

Falling oil prices shake up global economies

NEW YORK (AP) — A sudden plunge in the price of oil is sending economic and political shockwaves around the world. Oil exporting countries are bracing for potentially crippling budget shortfalls and importing nations are benefiting from the lowest prices in four years.

The global price of oil is $84 per barrel, down $31, or 27 percent, from its high point for the year. Oil consumption globally is 91 million barrels per day. That means the world's oil producing countries and companies are bringing in as much as $2.8 billion less in revenue every day — and consumers, shippers and airlines are saving a comparable amount on gasoline, diesel and jet fuel.

Oil

Oil spill plaintiff lawyers: keep claims chief

NEW ORLEANS (AP) — A move by oil giant BP to have a court fire the administrator of a damage claims settlement arising from the 2010 BP oil spill was opposed Wednesday by the administrator as well as by lawyers for Gulf Coast interests claiming harm from the disaster.

BP had filed a federal court motion in September saying Patrick Juneau should be removed. Among the reasons: They said Juneau once represented Louisiana in talks setting up the claims process and had pushed for favorable terms for those with claims. According to BP's motion, Juneau worked for the state from July 2010 until July 21, 2011.

Oil

Citigroup: Oil plunge to offer $1.1 trillion global stimulus

Source: 
Bloomberg

Citigroup Inc. projected oil prices falling to four-year lows will provide up to $1.1 trillion in stimulus to world economies by cutting prices for fuel and commodities like iron, coal and natural gas, Bloomberg reports.

Oil

Bank of America, BNP project oil stays above $80 a barrel

Source: 
Bloomberg

Both BNP Paribas and Bank of America Corp. say the current decline in oil prices will end soon, projecting benchmark Brent won't fall below $80 a barrel on the assumption that OPEC will move to cut production, Bloomberg reports.

Oil

Chemistry group pushes plastics-to-oil in report

Source: 
FuelFix

The American Chemistry Council in a report said there's enough waste plastic to power $6.6 billion in new plants and create thousands of job through plastics-to-oil conversion, though it notes industry is slow to embrace the technology, FuelFix reports.

Oil

Opportunities, risks in Asia as oil prices fall

Source: 
The Wall Street Journal

While falling oil prices may help Asian countries cut business costs and lower interest rates to spur growth, they may also indicate China and Europe are cutting demand for exports crucial to Asian economies, The Wall Street Journal reports.

Oil

US retail sales fell in September on autos and gas

WASHINGTON (AP) — U.S. retail sales retreated in September as purchases of autos, gasoline, furniture and clothing slowed, a sign that recent job gains have yet to significantly boost consumer spending.

The Commerce Department said Wednesday that seasonally adjusted retail sales dropped 0.3 percent from the previous month. Sales have risen 4.3 percent in the past 12 months, slightly below their historical pace.

Oil

Exxon, Shell emissions up despite lower output

Source: 
The Wall Street Journal

Though both Royal Dutch Shell and Exxon Mobil Corp. saw lower oil and gas output, their greenhouse gas emissions rose 10 percent since 2011 due to fuel-intensive production projects, The Wall Street Journal reports.

Oil

Brent crude falls to four-year low as WTI holds

Source: 
Bloomberg

Oil prices continued to decline Wednesday, with Brent crude for November down $1.26 to close at $83.78 a barrel, the lowest since November 2010, Bloomberg reports. West Texas Intermediate fell slightly to $81.78 per barrel, the lowest price since June 2012.

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