LONDON, Oct 14 (Reuters) – Nearly 3 percent of global oil
production is vulnerable to cuts if prices fall to $80 per
barrel, making some projects in Canada, Angola, Brazil and
Norway unprofitable, the International Energy Agency said.
The estimate was included in a monthly report in which the
IEA also cut its forecasts for oil demand and said prices may
LONDON (Reuters) – The vast majority of shale oil in the United States is produced at costs far below the current price of crude, the head of the west’s energy watchdog said, which means U.S. projects can withstand the market slump squeezing other producers.
Brent oil stands at around $88 per barrel, down more than 23 percent from the year’s peak above $115 in June, raising concern that some shale oil projects will become un-economic.
LONDON (Reuters) – Brent oil fell to $91 a barrel on Thursday, heading back to over two year lows, as a supply glut and concerns about global growth have pushed it 20 percent down from its peak in June.
Brent for November delivery was down 34 cents at $91.04 by 1005 GMT (0605 EDT), having fallen to $90.98 minutes earlier. The front-month contract fell as low as $90.57 on Wednesday, the lowest since June 2012, before recovering to close at $91.38 – still down 73 cents.
LONDON, Oct 9 (Reuters) – Brent oil futures steadied above
$91 a barrel on Thursday, supported by a slide in the dollar but
a glut in supply and concerns about global growth kept it not
far above a 27 month low hit in the previous day.
Brent for November delivery was up 26 cents at
$91.64 by 0819 GMT. The front-month contract fell as low as
$90.57 on Wednesday, the lowest since June 2012, before
recovering to close at $91.38 – still down 73 cents.
LONDON, Sept 30 (Reuters) – Brent oil steadied above $97 a
barrel on Tuesday, supported by U.S. and Chinese economic data,
but was still set for its deepest quarterly drop in more than
two years because of strong supply.
Brent crude has slumped since June, when it hit this year’s
high of $115.71. Strong supply, a strong dollar and lacklustre
economic data drove prices to a 26-month trough last week.
LONDON, Sept 24 (Reuters) – Oil fell towards $96 a barrel as
rising supply from Africa and Iraq offset rising tension in the
Middle East and better than expected data in China.
Weak European economic data and a rise in oil exports from
Iraq, Libya and Nigeria have hammered the oil price, which is
down nearly 14 percent this quarter.
LONDON, Sept 16 (Reuters) – Brent crude oil fell towards $97
a barrel on Tuesday, pressured by weak economic data from the
world’s two biggest energy consumers which pointed to weak
demand growth at a time of strong supply.
November Brent was down 37 cents to $97.51 a barrel
by 0810 GMT. The October contract which expired on Monday dipped
to a 26-month low at $96.21 in its final session.
LONDON (Reuters) – Brent crude oil prices gained on Tuesday in volatile trade, snapping a three-day losing streak as investors returned their focus to potential supply risks.
However, prices remained not far above a recent 16-month low, under pressure from steady global supplies and slower-than-expected growth in the world’s top oil consumers.
LONDON, Sept 9 (Reuters) – Brent crude fell for a fourth
straight day on Tuesday, with prices near a 16-month low below
$100 a barrel, under pressure from ample global supplies and
slower-than-expected growth in the world’s top oil consumers.
Steady or growing output from Iraq and Libya, where
investors had feared violence would cut production, and the
shale oil boom in the United States as well as a stronger U.S.
dollar have helped to depress the oil price.
LONDON, Sept 4 (Reuters) – Oil slipped to around $102 a
barrel on Thursday, partially reversing a sharp rise the
previous day, with more volatility expected as traders await the
European Central Bank meeting and developments on Ukraine.
Oil futures on both sides of the Atlantic have seen sharp
swings, buffeted by moves in the dollar and hopes that the peace
talks in Ukraine may help the demand outlook in Europe.