Oil prices broke through a seven-year high level amidst tensions that Moscow could invade Ukraine and lead to the triggering of sanctions against Russia, the world’s third-largest producer of oil. As of UTC 12:18, April Brent Oil futures were trading at around the $94 per barrel level. The last time oil hit those levels was…
Oil Prices Maintain Upward Momentum Over Mounting Ukraine Tensions
February 14, 2022
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Business & EconomycommoditieseconomyEuropehigher oil pricesMarketsRussia ukraine conflictrussian gasUSWorld
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BP Quarterly Profits Jump 24 Percent in Fourth Quarter, Transformation Plans in Pipeline
Oil giant BP has reported a jump in its most recent quarterly profits amidst rising energy prices. The company also issued an update of its strategic transformation plan for the future. BP announced $4.1 billion in underlying replacement cost profit for Q4 2021 in a Feb. 8 press release. Compared to Q3’s profit of $3.3…
Oil Reserve Release ‘A Drop in the Ocean,’ Symbolic Gesture Has Minimal Effect on Price: Goldman Sachs
November 24, 2021
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Business & Economyeconomygas priceshigher oil pricesinflationKeystone XL oil pipelineoil reserveUSUS NewsUS Strategic Petroleum Reserve
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A coordinated global release of oil reserves led by the United States, resulting in 70–80 million barrels of additional crude supply, fell short of the amount markets were pricing in, and according to Goldman Sachs has turned out to be little more than a symbolic gesture as global oil prices rebounded to a one-week high…
China’s Export Growth Likely Eased in September on Electricity Curbs: Reuters Poll
BEIJING—China’s export growth likely slowed in September as electricity rationing hit production at home, while a shift in consumption towards services as developed economies reopened likely reduced global appetite for Chinese goods, a Reuters poll showed on Tuesday. Exports are expected to have risen 21.0 percent in September from a year earlier, according to the…
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