Prices

Oil

Anticipated demand increase fueling oil price rise

Source: 
Bloomberg

Predictions that Energy Information Administration stockpile figures will show a decline for a third straight week, alongside strong consumer confidence numbers, were pushing oil prices higher early Wednesday. West Texas Intermediate crude for December delivery gained 50 cents to $81.92 a barrel in electronic trading on the Nymex, while in London Brent was up 67 cents to $86.70, Bloomberg reports.

Office of Sen. Barrasso
Oil

Analysis: Will low prices blunt GOP's oil push in Senate?

If the Senate flips to Republican control next week, there's every reason to believe they will stick to their fossil fuels energy agenda. An op-ed on Tuesday by Sen. John Barrasso of Wyoming is just the latest roadmap they've laid out heading into the mid-term elections.

Barrasso, the second-ranking Republican on the Senate's energy committee, said in the piece published by Fox News that if the GOP takes charge, they will send bills to President Barack Obama to "strengthen our energy security," including opening new areas to drilling and approving the Keystone XL pipeline.

What he didn't mention was the falling prices of foreign and domestic crude, which have come just in time to potentially undercut the appeal of the "drill, baby, drill" mantra that has dominated the GOP's energy approach during the Obama era.

Oil

Oil gains on dollar weakness, stock rally

Source: 
Reuters

Gains on Wall Street and a dollar slump helped boost oil prices Tuesday, although traders kept a wary eye on a predicted stockpile increase. U.S. benchmark crude settled up 42 cents at $81.42 a barrel on the Nymex, while in London Brent finished 20 cents higher at $86.03, Reuters reports.

Oil

Consumers may benefit but economy could suffer from cheaper oil, gasoline

Source: 
The Wall Street Journal

Lower oil prices that have dragged gasoline prices below $3 a gallon could threaten to at least partly derail the country’s energy boom, The Wall Street Journal reports.

Oil

BP profits hit by drop in oil prices

LONDON (AP) — British oil company BP says its earnings have fallen in the third quarter as the price of crude oil dropped globally.

The company says its replacement cost profit, a key gauge of earnings for oil companies, fell to $2.39 billion in the three months to September from $3.18 billion in the same period a year earlier.

Oil

Oil reined in on speculation of supply gain

Source: 
Bloomberg

Speculation about an increase in U.S. stockpiles kept a lid on oil prices early Tuesday. West Texas Intermediate crude for December delivery increased just 5 cents to $81.05 a barrel in electronic trading on the Nymex, while in London Brent slipped 7 cents to $85.76, Bloomberg reports.

Oil

Syria's conflict roils economy, fuel prices soar

DAMASCUS, Syria (AP) — The middle-aged salesman sat glumly among an array of shorts, khaki leisure suits bedecked with gold belts and dresses with plunging necklines in the ancient Damascus bazaar — luxuries few can afford in today's Syria.

He, like many traders, lost most of his customers when Syria's uprising erupted in 2011 against the rule of President Bashar Assad, and his new clientele is far poorer: Syrians fleeing the fighting with barely any possessions.

Now, he fears there's even worse to come, as the U.S.-led bombings of the Islamic State group target the country's modest oil reserves under the militants' control, sending oil and diesel prices soaring.

Oil

Energy stocks fall as oil slips

NEW YORK (AP) — The price of oil dipped below $80 a barrel for a period on Monday, after a major investment bank lowered its forecast for crude prices this year and next, although it later rebounded to close at $81, down just one cent, on the New York Mercantile Exchange. Oil has tumbled from a high of $107 a barrel in June. 

Analysts now expect U.S. oil prices to be roughly $75 a barrel in 2015, down from their previous forecast of $90 a barrel. Goldman also sees Brent crude, a benchmark used to price international oils used by many U.S. refineries, to be around $85 a barrel. The bank sees oil stabilizing at $80 a barrel until at least 2017.

Goldman Sachs is the latest Wall Street bank to lower its forecast for crude prices, saying that OPEC was unlikely to reduce exports in an effort to lift prices and that U.S. production continues to expand. 

Oil

Oil recovers after early losses

Source: 
Reuters

An early slide in oil prices Monday, triggered by Goldman Sachs cutting its 2015 forecast, reversed later on short covering. U.S. benchmark crude ended the day only 1 cent lower, at $81.00 a barrel on the Nymex, while in London Brent crude lost just 30 cents to $85.83, Reuters reports.

Associated Press
Oil

Supply outages an 'early indicator' of unrest in oil exporters: Murkowski

Disruptions to overseas oil production should be viewed as a potential warning signal of political instability in export-dependent nations, concludes a new staff analysis issued Monday by Alaska Sen. Lisa Murkowski, the ranking Republican on the Senate's energy committee.

The analysis by her committee staff examined unplanned production and export outages in global hotspots, and found those disruptions grew in advance of violent conflicts, most notably as the Islamic State swept through northern Iraq and Syria.

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