Prices

Oil

Global oil impact: Who's hurting, happy, hopeful

NEW YORK (AP) — Oil's plunge is spreading both pain and gain across the globe.

The price of a barrel has fallen by about half since June, punishing the economies of some major exporters. Russia's currency has nose-dived, for instance, and investors worry Venezuela could default on its debt.

Oil

Oil's slide shakes up the junk-bond market

NEW YORK (AP) — Oil's slump didn't just hit the stock market, it's shaken up the junk-bond market, too.

High-yield bonds are on track for their worst drop in a year and a half after investors dumped risky securities issued by energy companies. Those bonds make up about 13 percent of the category.

Oil

Volatile oil heads for another weekly price drop

Source: 
Bloomberg

Oil rose in early trading Friday following a steep plunge the day before, but prices were losing momentum by midday in Europe. West Texas Intermediate crude for January delivery was 68 cents higher to $54.79 a barrel in electronic trading on the Nymex ahead of the contract expiring, while in London February Brent was up 1.2 percent to $60, Bloomberg reports.

Oil

Oil retreats, ending brief rally

Source: 
Reuters

The slump in oil prices resumed Thursday, with analysts predicting they could go even lower. U.S. benchmark crude for January delivery dropped $2.36 to settle at $54.11 a barrel on the Nymex, while in London February Brent was back under $60, finishing $1.91 down at $59.27, Reuters reports.

Oil

Oil-price drop rattles smaller operators in Kansas

WICHITA, Kan. (AP) — When crude prices were high, Kansas oilman Robert Murdock made plans to drill 20 new wells next year. Not anymore.

Murdock, president of Hutchinson-based Osage Resources, said that when oil prices dipped below $60 a barrel this month, "it changes your thinking as far as putting money into the ground." So far, he's scaled down his drilling plans for new wells at least by half.

Oil

Oil higher on news of production cutbacks

Source: 
Reuters

Word that oil companies are trimming their plans for future exploration and production gave a boost to oil prices early Thursday, on the back of a hike the day before. U.S. benchmark crude for January delivery had gained $1.83 to $58.30 a barrel in electronic trading on the Nymex, while in London February Brent was up $2.09 at $63.27, Reuters reports.

Oil

Stocks gain most in more than a year on Fed, oil

NEW YORK (AP) — A pledge from the Federal Reserve to remain "patient" when deciding when to lift interest rates gave the stock market its biggest gain in more than a year.

Stocks rose from the open on Wednesday, led by gains for the energy sector, as oil prices showed signs of stabilizing after their big slump in recent months. The market's gains were extended after Fed policymakers released a statement following the end of its most recent policy meeting.

Oil

Nigerian budget slashed by slumping oil prices

ABUJA, Nigeria (AP) — Nigeria's finance minister presented a 2015 budget of $23 billion to parliament on Wednesday, slashed by nearly $3 billion to accommodate slumping oil prices.

Minister Ngozi Ikonjo-Iweala said she expects government revenue of $19.7 billion off growth of 5.5 percent next year, down from an earlier projection of 6.35 percent.

Oil

Oil falls further on supply glut

Source: 
Reuters

Signals from OPEC and Russia that they will hold production levels even in the face of sinking oil prices helped pile the pressure on early Wednesday. U.S. benchmark crude fell 85 cents to $55.08 a barrel in electronic trading on the Nymex, while in London Brent dropped 55 cents to $59.46, Reuters reports.

Oil

Ruble volatile as Russians rush to stores

MOSCOW (AP) — The Russian government looked at ways of easing the selling pressure on the ruble Wednesday amid fears the country may face a full-blown bank run and as consumers look to buy big-ticket items before prices rise.

Deputy Finance Minister Alexei Moiseyev was quoted by the Interfax news agency as saying that the government is going to sell foreign currency "as much as necessary and as long as necessary." That, the hope is, would relieve the pressure on the ruble, particularly against the dollar.

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