Oil is heading for the biggest weekly decline since November, taking a breather after a period of wild trading and a surge in prices that followed Russia’s invasion of Ukraine.
crude oil prices
Oil prices could nearly double by the summer if more countries follow suit in banning Russian oil imports, analysts have forecast.
The tightness in global oil markets that propelled prices to a seven-year high is starting to ease as production recovers in the U.S. and elsewhere, the International Energy Agency said.
Oil, as the world's most heavily-traded natural resource and the bedrock foundation of some of the planet's largest economies, has always had a strong impact on virtually every area of economics and finance. The global oil trade is estimated to be worth something in the region of around $4 trillion a year in revenues, or about 3.8% of global GDP.
Canadian oil production to continue increasing through 2017 despite lower crude oil prices.
BP’s mammoth annual losses have laid bare the impact of the tumbling cost of crude, with the rout now reaching levels not seen since the oil price crash in 1986.
Monthly US crude oil imports from Mexico totalled 0.6 million barrels per day (b/d), the lowest level since 1990, and a decrease of about 50% since January 2011, according the US Energy Information Administration.
Oil and gas company Chevron said yesterday its pre-tax profits fell 15% year-on-year to £6.6billion for the first quarter of 2013.
Oil giant BP announced a slump in quarterly profits yesterday, but said it continued to steer a steady course through choppy waters.
A trust is being planned to provide community spin-offs from any future onshore oil drilling operation off Lybster.
North Sea jobs could go at ConocoPhillips, the third biggest American oil and gas company.
Hopes of an early start to what would be the first commercial oil operation in Caithness have been dashed.
Oil prices are likely to keep falling until well into next year and could drop as low as $25 a barrel before recovering, according to a research report from US investment bank Merrill Lynch.
Oil giant BP sparked anger yesterday after posting its biggest quarterly profits haul of $10billion (£6.4bn).
Rocketing oil and gas prices helped BP to bumper profits yesterday as motorists continue to feel the pain at the petrol pumps.
Output of oil and gas from the UK continental shelf increased slightly in January compared with December, but was down year-on-year, from 2,798,983 to 2,502,320 barrels of oil equivalent per day, according to the latest Royal Bank of Scotland oil and gas index.
The average price of petrol in Scotland has broken the £5-a-gallon mark for the first time as a result of the strike action at Grangemouth, according to a price-comparison expert.