Darren Whiteside | Reuters An employee rides his bike past barrels of petroleum products at a state-owned Pertamina fuel depot in Jakarta, Indonesia. Oil prices could soon fall below $40 a barrel if investors don’t get a clear catalyst that prompts them to start buying the commodity, Goldman Sachs said on Tuesday.The investment bank believes …
Saudi Aramco, which plans what could be the world’s biggest initial public offering, will invest more than $300 billion over the next decade to maintain its spare oil-production capacity and explore for more natural gas, President and Chief Executive Officer Amin Nasser said. The outlook for oil supplies is “increasingly worrying,” with about $1 trillion in …
Oil prices retreated more than 3 percent on Wednesday, ending their longest bull-run in more than five years, as climbing OPEC exports and a stronger dollar turned sentiment more bearish. Brent crude futures were down $1.61, or 3.3 percent, at $48 a barrel by 11:56 a.m. EDT (1556 GMT). Prices had climbed for eighth straight …
Oil prices tanked in Wednesday’s trade, poised to snap their longest run of gains since 2010 after Russia ruled out any proposals to deepen the OPEC-led production cuts. Oil prices were “exposed to heavy losses on Wednesday after reports of Russia opposing any further supply cuts attracted a school of sellers to attack,” said Lukman …
With the recent meltdown in oil prices, major oil companies in California like Occidental, Shell, Chevron and Conoco Phillips have been forced to curtail or shut down production. Although they continue to follow a path of discovery almost all of those discoveries revolve around shale and the high infrastructure and geo political costs associated. A …
Momentum is described in the dictionary, “as the amount of motion occurring in something that is moving, or the force that drives something forward to keep it moving”. Momentum seems to be what Petro River Oil (PTRC) is experiencing now. They have announced a third well to be drilled in as many weeks with success …
By Kenny Soulstring (CNA Finance) Now that the U.S. has an administration in the White House that is bent on making the nation energy independent, investors should embrace an opportunity to find and profit from emerging, under-the-radar stocks. Finding them is not enough, though. Investors also need the willingness to get out in front of …
Oil prices soared nearly 10% on news that OPEC has reached a much anticipated agreement to reduce output by 1.2M barrels per day, bringing the total daily production to 32.5M bpd. The agreement, which was announced Wednesday at 11:00am EST, is contingent on a reduction of production by 600,000 bpd from non-OPEC countries, with Russia …
In an era of shale, Petro River Oil (PTRC) is going old-school. The shale revolution has been the driving force behind America’s resurgence as a leading oil producer. However, given the costly nature of shale projects, Petro River has shunned them. Instead, the New York-based company targets conventional oil that can turn a profit no …
Oil futures ended sharply lower Tuesday as renewed fears of a global glut hit investor confidence ahead of weekly inventory data that are expected to show an increase in crude supplies. West Texas Intermediate crude oil CLM6, +0.23% lost $1.13, or 2.5%, to end at $43.65 a barrel on the New York Mercantile Exchange, while …