Prices

Oil

Average gasoline price soon under $2, lowest since recession

DALLAS (AP) — Gasoline is close to breaking below a key psychological barrier as drivers enjoy some of the cheapest pump prices since the recession.

The nationwide average price of a gallon of regular Saturday was $2.02, down 58 cents from this time last year, according to auto club AAA. Experts say it could drop below $2 a gallon in the coming days.

Oil

Oil price free fall continues on IEA warnings

Source: 
Reuters

Oil prices continued their free fall on Friday on the International Energy Agency's warning of a continued supply glut next year. U.S. crude fell $1.14, or 3 percent, to $35.62 a barrel, while Brent crude fell $1.80 to settle at $37.93 per barrel.

Oil

A rout in crude oil prices hammers the stock market

NEW YORK (AP) — Another sharp drop in the price of oil prompted investors to dump stocks again, leaving the U.S. market with its worst weekly loss since the summer.

Oil and gas companies led stocks lower Friday, capping an ugly week. Southwestern Energy plunged 14 percent and Chesapeake Energy sank 9 percent.

Oil

Oil price drops further on forecast of weaker demand

PARIS (AP) — The price of oil is falling further after the International Energy Agency forecast a decline in demand.

The U.S. benchmark rate was down 21 cents on Friday at $36.55 a barrel, its lowest since early 2009, when the global economy was sinking into recession.

Oil

Low oil price could sink half of U.S. energy industry: John Arnold

Source: 
CNBC

Energy trader John Arnold tweeted that OPEC “smells blood,” predicting that since most hedges have expired, half of the U.S. energy industry would go bankrupt in 2016 if the crude price doesn’t start to recover, CNBC reports.

Oil

Oil drops on word of higher OPEC production, Brent falls under $40

Source: 
The Wall Street Journal

Oil prices fell Thursday to levels not seen since 2009 as traders reacted to a report that OPEC pumped more last month than at any time since 2012, and Genscape data showing Cushing stockpiles increased to almost 90 percent of capacity. U.S. benchmark crude for January delivery lost 40 cents to settle at $36.76 on the Nymex, while in London Brent fell 38 cents to $39.73, The Wall Street Journal reports.

UN: World economy stumbled in 2015, with 2.4 percent growth

UNITED NATIONS (AP) — The world economy stumbled in 2015, with growth estimated at just 2.4 percent this year following a nearly 60 percent drop in oil prices and an over 20 percent fall in commodity prices in the last 18 months, according to a U.N. report released Thursday.

The report on the World Economic Situation and Prospects 2016 said many developing and former Soviet bloc countries suffered a broad slowdown to the weakest pace since the global financial crisis in 2008. The growth rate compares to 2.6 percent in 2014.

Oil

Oil steadies again after latest fall

Source: 
Reuters

A drop in U.S. crude inventories helped support oil prices early Thursday, although longer term concerns over the global supply glut remain. West Texas Intermediate crude rose 31 cents to $37.47 a barrel in electronic trading on the Nymex, while in London Brent gained 43 cents to $40.54, Reuters reports.

Oil

Oil drops again as distillate stocks rise

Source: 
The Wall Street Journal

An increase in stockpiles of distillates, including heating oil, fed fears Wednesday that the global oil glut will persist into next year. U.S. benchmark crude for January delivery fell for a fourth day in a row, losing 35 cents to settle at $37.16 on the Nymex, while in London Brent dropped 15 cents to $40.11, The Wall Street Journal reports.

Oil

Oil recovers slightly on storage figures, Japan data

Source: 
Reuters

A drop in crude inventories and strong economic data from Japan helped oil recover slightly from its latest plunge, although analysts tell Reuters they think in general the price slide is far from finished. West Texas Intermediate Crude rose 35 cents  to $37.86 a barrel in electronic trading on the Nymex, while in London Brent gained 36 cents to $40.62, Reuters reports.

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