Correspondent, London
Jack's Feed
Jan 22, 2015

Oil drops below $49 after ECB announces bond buying

LONDON (Reuters) – Brent crude oil fell below $49 a barrel on Thursday after the European Central Bank (ECB) said it would start buying government bonds, a move which could push the dollar to new highs and put downward pressure on commodities.

Exceeding market expectations, ECB President Mario Draghi said the bank would buy 60 billion euro ($69.34 billion) of government bonds a month until the end of September 2016 to support the flagging euro zone economy.

Jan 22, 2015

Oil prices rise above $50 ahead of expected ECB move

LONDON (Reuters) – Brent crude oil crept above $50 a barrel on Thursday ahead of an expected decision by the European Central Bank (ECB) to start buying bonds, a move that could push the dollar to new highs and put downward pressure on commodities.

Analysts said it was unlikely that the more than 2 percent rally was related to the ECB’s proposed monetary easing program.

Jan 22, 2015

Oil prices slip ahead of ECB bond buying decision

LONDON (Reuters) – Brent crude oil dipped towards $48 a barrel on Thursday ahead of an expected decision by the European Central Bank (ECB) to start buying bonds, a move which could push the dollar to new highs and put downward pressure on commodities.

The ECB’s Executive Board has proposed a program that would allow it to buy 50 billion euros ($58 billion) of bonds a month starting in March, a euro zone source said. The expected stimulus program has pressured the euro and sent the dollar, seen as a safe haven, soaring.

Jan 20, 2015

Oil drops towards $48 after IMF cuts growth forecast

London (Reuters) – Brent crude oil prices fell towards $48 a barrel on Tuesday after the International Monetary Fund cut its forecast for global economic growth in 2015 implying lower demand for fuel.

Global growth is projected at 3.5 percent for 2015 and 3.7 percent for 2016, the IMF said in its latest World Economic Outlook report, reducing its forecast by 0.3 percentage points for both years.

Dec 10, 2014

Oil falls below $66 on ample supply, rising stocks

LONDON, Dec 10 (Reuters) – Brent crude oil slipped below $66
a barrel on Wednesday, just above a five-year low, on mounting
signs of oversupply and lacklustre demand as global economic
growth falters.

The price of the North Sea oil benchmark has fallen more
than 40 percent since June as new supplies of high-quality crude
from North America have fed a glut of fuel in many parts of the
world.

Dec 8, 2014

Oil drops $2 to five-year low on oversupply

LONDON (Reuters) – Brent crude oil fell more than $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output.

In a report dated Dec. 5, Morgan Stanley said oil prices could fall as low as $43 a barrel next year. The U.S. investment bank cut its average 2015 Brent base-case outlook by $28 to $70 per barrel, and by $14 to $88 a barrel for 2016.

Dec 8, 2014

Oil drops to five-year low on oversupply forecasts

LONDON (Reuters) – Brent crude oil fell almost $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output.

“Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015,” Morgan Stanley analyst Adam Longson said.

Dec 8, 2014

Oil slips towards $68 after Morgan Stanley cuts price forecast

LONDON (Reuters) – Brent crude oil fell more than a dollar to around $68 a barrel on Monday, just above five-and-a-half year lows, after Morgan Stanley cut its forecasts, saying oversupply would peak next year after OPEC decided not to cut output.

“Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015,” Morgan Stanley analyst Adam Longson said.

Dec 4, 2014

Oil falls to below $70 in post-OPEC volatility

LONDON, Dec 4 (Reuters) – Brent crude oil fell below $70 a
barrel on Thursday as investors searched for a stable price
range after a near 40 percent fall since June.

Oil prices have been volatile since the Organization of the
Petroleum Exporting Countries (OPEC) said last week it would not
lower output despite an oversupplied market.

Dec 4, 2014

Oil steadies around $70, further fall possible

LONDON, Dec 4 (Reuters) – Brent crude oil steadied around
$70 a barrel on Thursday as investors searched for a stable
price range after a near 40 percent fall since June.

Oil has been volatile since the Organization of the
Petroleum Exporting Countries (OPEC) said last week it would not
lower output despite an oversupplied market.