Oil prices fall 1% as supply strains storage Oil prices fall on Friday, ending a two-day rally, as a glut of crude and refined products weighed on markets and investors eyed a possible stutter in China’s imports. Futures held their losses after the dollar index spiked following abetter-than-expected U.S. jobs report that showed the country […]
oil prices, generally refers to the spot price
oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent ICE, Dubai Crude, OPEC Reference Basket, Tapis Crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS).There is a differential in the price of a barrel of oil based on its grade—determined by factors such as its specific gravity or APIand its sulphur content—and its location—for example, its proximity to tidewater and/or refineries. Heavier, sour crude oils lacking in tidewater access—such as Western Canadian Select— are less expensive than lighter, sweeter oil—such as WTI.
From 1999 til mid 2008, the price of oil rose significantly. It was explained by the rising oil demand in countries like China and India. In the middle of the financial crisis of 2007–2008, the price of oil underwent a significant decrease after the record peak of US$147.27 it reached on July 11, 2008. On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2010 began. The price sharply rebounded after the crisis and rose to US$82 a barrel in 2009. In July 2008 oil reached a record peak of US$147.27 but by February 2009 it sank beneath $40 a barrel.On 31 January 2011, the Brent price hit $100 a barrel for the first time since October 2008, on concerns about the political unrest in Egypt. For about three and half years the price largely remained in the $90–$120 range. In the middle of 2014, price started declining due to a significant increase in oil production in USA, and declining demand in the emerging countries. The oil glut—caused by multiple factors—spurred a sharp downward spiral in the price of oil that continued through February 2016.By February 3, 2016 oil was below $30—a drop of “almost 75 percent since mid-2014 as competing producers pumped 1-2 million barrels of crude daily exceeding demand, just as China’s economy hit lowest growth in a generation.”Some analysts speculate that it may continue to drop further, perhaps as low as $18
Oil prices give up early gains as oversupply weighs Oil prices slipped after gains made earlier on Thursday and the previous day as overproduction and large volumes of unsold crude and ample refined products around the world weighed on markets. Brent crude futures were trading at $42.72 a barrel at 1203 GMT, down 38 cents […]
Beware oil inventory data, experts warn it’s misleading markets Oil prices remained subdued on Wednesday oil inventory data Oil markets are once again in the doldrums amid fears of a persistent oversupply and concerns over the slow drawdown in U.S. inventories, but oil experts say those concerns are overdone. “We are at the start of […]
US stocks slip as falling oil prices punish energy companies US stocks wobbled and finished mostly lower Monday as the price of oil continued to nosedive thanks to the strong dollar. Energy companies took the biggest losses as U.S. crude hovered around $40 US a barrel, its lowest price in almost four months, and materials […]
WTI Crude Oil dips under $40 – USDCAD hardly rises USDCAD hardly rises The Canadian dollar is losing ground, but showing a lot of resilience. USDCAD cannot rise too much due to weak US indicators. USDCAD is trading around 1.31. It is a rise of 60 pips that certainly fails to reflect the magnitude in the […]