Investing NEW YORK – Oil prices fell about $1 a barrel on Thursday in volatile trading as investors weighed the risk that rising interest rates could trigger a recession and cut demand for fuel. Brent crude futures fell 90 cents, or 0.8%, to $110.84 by 11:20 a.m. ET (1520 GMT). U.S. West Texas Intermediate (WTI) crude futures were down $1.07,
World Oil (Bloomberg) — European Union energy ministers tried to project a united front Monday in rejecting Russia’s demands to buy gas in rubles as the bloc tries to prevent Vladimir Putin from sowing divisions in the bloc. Despite signs that at least one member state, Hungary, may accede to Moscow’s ruble demands, ministers said the EU will find a
CNBC Russia appears to have walked back demands that European companies pay for gas supplies in rubles from Thursday, temporarily alleviating the risk of supply disruptions. It comes after Russia’s President Vladimir Putin repeatedly demanded that so-called “unfriendly” countries pay for gas in rubles, rather than in euros or dollars, targeting those behind the heavy economic sanctions designed to isolate
CNBC Goldman Sachs predicts a new high in oil demand in 2022, and again in 2023. Damien Courvalin, the investment bank’s head of energy research, also said Friday that oil at $100 per barrel was a possibility. Oil demand was already at record levels before the latest omicron variant hit, and furthermore, demand for air travel should continue to recover,
Fox Business Lithium prices are rising at their fastest pace in years, setting off a race to secure supplies and fueling worries about long-term shortages of a vital ingredient in the rechargeable batteries that power everything from electric vehicles to smartphones. An index of lithium prices from research firm and price provider Benchmark Mineral Intelligence doubled between May and November and
World Oil (Bloomberg) –OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit as the world recovers from the coronavirus pandemic. OPEC+ cut its production 15% deeper than planned in September, compared with 16% in August and 9% in July, according to delegates with knowledge of the matter. This reflects
CNBC Energy prices around the world are at record highs as a power crunch hits Europe and Asia — and the International Energy Agency warned Wednesday that volatility is here to stay. In its annual report, the Paris-based agency said the world is underinvesting now for future energy consumption, which will make the transition to net-zero emissions unstable. “There is a looming risk of
Reuters LONDON -OPEC has trimmed its world oil demand growth forecast for 2021 while maintaining its 2022 view, its monthly report showed on Wednesday, but it said surging natural gas prices could boost demand for oil products as end users switch. The Organization of the Petroleum Exporting Countries (OPEC) now expects oil demand to grow by 5.82 million barrels per
CNBC Even with the current drive toward more renewable energy sources, global carbon emissions are going to increase through 2050, unless there are significant changes in policy or technology between now and then. That’s according to a new report released Wednesday from the U.S. Energy Information Administration, a division of the federal U.S. Department of Energy which analyzes and shares data. For
World Oil (Bloomberg) –Saudi Arabia reduced oil prices for its main buyers, a day after OPEC+ sent crude futures surging by sticking to a plan for slow and steady supply increases. State firm Saudi Aramco’s cuts for customers in Asia, Europe and the U.S. may take some of the sting out of that jump for refiners at a time when
Nasdaq How high are oil prices really and what signal are they currently sending to producers and consumers about the need for more output and lower fuel use? The strength of a price signal depends on both the real level of prices adjusted for inflation and the rate of change compared with recent years. In terms of the rate of change, prices are already
Reuters LONDON – Prolonged disruption to oil production in the Gulf of Mexico and multiplying signs of a worldwide energy shortage have not been enough to encourage significant new petroleum buying from portfolio investors. Hedge funds and other money managers purchased the equivalent of just 12 million barrels in the six most important petroleum futures and options contracts in the
