Prices

Oil

Alaska faces $3.5B deficit amid lower oil prices

JUNEAU, Alaska (AP) — Slumping oil prices have helped push Alaska's potential budget deficit this year to $3.5 billion — an increase of $2.1 billion from what lawmakers expected in April.

The price of oil, forecast at $105 a barrel in the state's spring revenue forecast, is now expected to average about $76 a barrel for the fiscal year that ends June 30. The price is forecast to dip even lower, to $66 a barrel, during fiscal 2016 before rebounding.

Oil

Oil takes another dive on OPEC report, US supplies

NEW YORK (AP) — The price of oil took another dive Wednesday, plunging to five-year lows amid mounting evidence that global supplies are far outstripping demand.

The U.S. Energy Department reported a surprise increase in domestic oil inventories and OPEC projected that demand for its crude would sink next year to levels not seen in more than a decade.

Benchmark U.S. crude slumped 4.5 percent, or $2.88, to close at $60.94 a barrel on Wednesday. Prices have not been that low since July of 2009. U.S crude prices have fallen 17 percent in two weeks and are now 43 percent below the $107.26 that a barrel fetched at its peak this year.

Oil

Airlines expect leap in profits as oil price drops

GENEVA (AP) — The global airline industry expects its profits to leap to a record high next year, boosted by a continued fall in jet fuel prices as well as strong passenger demand and cost cuts.

The International Air Transport Association said Wednesday it forecasts 2015 will bring $25 billion in net profit — well above the $19.9 billion this year and the $10.6 billion in 2013 and $6.1 billion made in 2012.

Oil

Iran: Fall in oil prices is Muslim 'treachery'

TEHRAN, Iran (AP) — Iran's President Hassan Rouhani says the sharp fall in oil prices is the result of "treachery," in an apparent reference to regional rival Saudi Arabia, which opposed production cuts to lift prices.

Rouhani told a Cabinet meeting Wednesday that the fall in prices is "politically motivated" and a "conspiracy against the interests of the region, the Muslim people and the Muslim world."

Oil

Oil falls on higher stockpiles, bearish outlook from EIA

Source: 
Reuters

A bearish short-term energy outlook from the Energy Information Administration and a prediction from the American Petroleum Institute that U.S. stockpiles increased last week saw oil prices drop early Wednesday. U.S. benchmark crude lost $1.07 to $62.75 a barrel in electronic trading on the Nymex, while in London Brent was 94 cents lower at $65.90, Reuters reports.

Oil

Oil rises as dollar drops

Source: 
Bloomberg

With a fall in the value of the dollar-– which had reached a two-year high against the euro – oil prices rebounded Tuesday from levels that hadn’t been seen since 2009. West Texas Intermediate crude for January delivery jumped 1.2 percent, an increase of 77 cents to settle at $63.82 a barrel on the Nymex, while in London Brent finished the trading day 65 cents higher at $66.84, Bloomberg reports.

Oil

EIA: Gasoline to average $2.60 next year

The Energy Department again slashed its prediction for next year's average price of gasoline across the U.S., this time to $2.60 a gallon. That would be 23 percent below this year's projected average and the lowest full-year average since 2009.

If that comes to pass, the price drop will save U.S. drivers $100 billion over the course of the year based on current consumption levels. That will boost the overall economy by reducing shipping and transportation costs, and leaving consumers more money to spend on other things.

Oil

Oil plunge intensifies

Source: 
Bloomberg

Oil prices fell more than 4 percent in New York and London Monday as there appeared to be no end in sight for the supply glut, and analysts warned of continued volatility. West Texas Intermediate crude for January delivery lost $2.79 to finish at $63.05 a barrel, the lowest settlement in more than five years, while Brent dropped $2.88 to $66.19.

Oil

Oil plunges further on bank pricing forecasts

Source: 
Bloomberg

Banks lowering their forecasts for oil prices in 2015 in the wake of OPEC’s decision to hold the line on production triggered a fresh slide to five-year lows early Monday. West Texas Intermediate crude for January delivery was down $1.31 to $64.53 a barrel in electronic trading on the Nymex, while in London Brent had dropped $1.52 to $67.55, Bloomberg reports.

Oil

Lower oil prices to boost growth, say policymakers

Source: 
The Wall Street Journal

Global economic policymakers – from the International Monetary Fund and the Federal Reserve and elsewhere – are predicting that the drop in oil prices will help consumers and manufacturers and give a kickstart to economic growth around the world, The Wall Street Journal reports.

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