Prices

Oil

Oil soars to 2015 highs on drop in crude stocks

Source: 
Reuters

An American Petroleum Institute report detailing a drop in crude stocks sent oil prices soaring early Wednesday. U.S. benchmark crude jumped $1.51 to $61.91 a barrel in electronic trading on the Nymex, while in London Brent gained $1.36 to $68.88, Reuters reports.

Oil

Nigeria surviving on borrowed cash as it struugles through low oil prices

LAGOS, Nigeria (AP) — Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed Tuesday.

The news comes as Nigeria prepares to welcome a new government at the end of month and its naira currency remains in a slump, hovering between 180 and 220 to the U.S. dollar. It was trading at 160 a few months ago.

Oil

Oil price slide gives Canada record trade deficit

Source: 
The Globe and Mail

The crash in oil prices last year is continuing to hit Canada’s economy, with the country’s trade deficit ballooning to a record $3 billion (Canadian) in March, The Globe and Mail reports.

Oil

US stocks sink as oil price jumps above $60

NEW YORK (AP) — A combination of concerns knocked the U.S. stock market lower Tuesday, snapping a two-day run.

Crude oil climbed above $60 a barrel for the first time this year, raising expectations for rising inflation and interest rates.

Oil

Oil gains on Libyan protests

Source: 
Reuters

Libyan protests that shut off the flow of crude to the country’s eastern port of Zuetina helped boost oil prices early Tuesday. U.S. benchmark crude gained 60 cents to $59.53 a barrel in electronic trading on the Nymex, while in London Brent was 55 cents rose to $67, Reuters reports.

Oil

Anadarko hit by falling oil prices

Source: 
Reuters

Anadarko posted a first quarter loss of $3.3 billion - bigger than analysts expected - as the independent oil and gas company was hurt by the drop in oil prices, Reuters reports.

Oil

Oil steady in directionless market

Source: 
AFP

The market saw a small slip in oil prices Monday in the absence of major news on a day when banks and other institutions were closed in Britain for a public holiday.  U.S benchmark crude lost 22 cents to settle at $58.93 a barrel on the Nymex, while in London, Brent finished a penny lower than Friday’s close, at $66.45, AFP reports.

Oil

Oil higher on China expectations

Source: 
Reuters

Anticipation that China will make moves to stimulate its economy helped boost oil prices early Monday. U.S. benchmark crude was up 22 cents to $59.37 a barrel in electronic trading on the Nymex, while in London Brent gained 39 cents to $66.85, Reuters reports.

Oil

Oil price drop could bring change to Algeria

Source: 
The New York Times

Lower oil prices that affect Algeria’s economic underpinnings also offer the potential for entrepreneurs in other sectors to take advantage of opportunities, The New York Times reports.

Oil

Iraqi exports, strong dollar push oil lower

Source: 
Reuters

Oil dropped off its 2015 highs Friday on news of record Iraqi exports in April, coupled with gains in the dollar. U.S. benchmark crude for June delivery settled 48 cents lower at $59.15 a barrel on the Nymex, while in London, Brent lost 32 cents to $66.46, Reuters reports.

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