Prices

Oil

Oil mixed, US stocks bounce back

NEW YORK (AP) — The stock market is bouncing back from a tough start to 2015.

Investors sent shares sharply higher for a second straight day Thursday, erasing the market's heavy losses from the first few days of the year.

The gains were driven by a combination of positive economic news from the U.S. and hopes for stimulus from Europe's central bank. The price of oil is also showing signs of stabilizing after six months of heavy losses, and there is renewed confidence that the Federal Reserve will keep supporting the economy as growth outside the U.S. appears to be flagging.

Oil

How lower oil prices could fuel more hiring in US

WASHINGTON (AP) — In June, when oil cost $107 a barrel, U.S. employers added a healthy number of jobs — 267,000. Now, with oil below $50, hopes are rising that hiring in the United States is poised to intensify.

Goldman Sachs forecasts that if oil stays near its current price, the economy will add 300,000 more jobs this year than if the price had remained at its June level. Stronger job growth is foreseen at retailers, auto dealers, shipping firms, restaurants and hotels — all of which will likely show gains in Friday's jobs report for December.

Oil

Big oil’s dividends could be at risk without a price rebound

Source: 
The Wall Street Journal

Unless depressed oil prices rebound within the next two years, major oil companies may be pushed into cutting dividends, The Wall Street Journal reports.

Oil

Oil climbs further after stockpile drop

Source: 
Bloomberg

Oil continued to gain in brisk trading early Thursday, in the wake of a report that U.S. stockpiles dropped by 3 million barrels last week. West Texas Intermediate crude for February delivery was 43 cents higher to $49.08 a barrel in electronic trading on the Nymex, while in London Brent gained 41 cents to $51.56, Bloomberg reports.

Oil

Falling prices to trigger oil company spending cuts: Cowen survey

Source: 
Reuters

A survey of 476 firms released Wednesday by Cowen and Company found that oil prices at $70 a barrel would translate into a 17 percent cut in spending by oil companies in 2015, while $60 oil would mean a reduction of up to 35 percent, Reuters reports.

Oil

US stocks rise, breaking a string of losses, as oil steadies

NEW YORK (AP) — Encouraging economic news and a rare rise in oil prices helped give the stock market its first gain in the new year Wednesday.

Major indexes started climbing from the opening bell, following a report from ADP, the payroll processor, which showed that businesses hired more workers last month. Companies added 241,000 workers in December, an increase from the previous month.

Oil

Inventory drop boosts oil prices

Source: 
Reuters

An unexpected announcement that crude stockpiles decreased last week pushed oil prices higher Wednesday for the first time in five days. U.S. benchmark crude gained 72 cents to settle at $48.65 a barrel on the Nymex, while in London Brent ended 5 cents higher at $51.15, Reuters reports.

Oil

Shrinking foreign oil bill sends US trade deficit lower

WASHINGTON (AP) — The U.S. trade deficit fell in November to the lowest level in almost a year, thanks to the country's swiftly shrinking thirst for foreign oil.

The deficit — imports minus exports — narrowed to $39 billion during the month, down 7.7 percent from a revised October deficit of $42.2 billion, the Commerce Department reported Wednesday.

Oil

Oil steadies after Brent dips under $50

Source: 
Bloomberg

Oil made a slight recovery in trading early Wednesday after the price of Brent crude briefly dipped below $50 a barrel for the first time since mid-2009. West Texas Intermediate crude for February delivery was up 23 cents to $48.16 a barrel in electronic trading on the Nymex, while in London Brent was 5 cents higher to $51.15, Bloomberg reports.

Oil

Russia, Iran and Venezuela hit hard by oil price slide

Source: 
Bloomberg

Analysts have told Bloomberg that Russia, Iran and Venezuela will be among the countries hardest hit as the price of crude oil continues to tumble -– possibly under $40 a barrel -– and say global inflation will shrink to recession levels.

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