A stronger dollar, helped by a decline in the number of Americans filing jobless claims, rising stocks markets and a breach of key chart levels, triggered heavy selling of US futures this week.
Articles Tagged "crude oil price"
Oil – What the "tree huggers" don't realize, says 321energy.com founder Bob Moriarty, is that "the BMWs they drive to anti-Keystone protests need fuel." But the pipeline supporters who expect that fuel to come from American sources are just as delusional, Moriarty asserts in his scathing interview with The Energy Report. That's why he's looking beyond North America for lucrative oil plays. Find out which international producers may be ideally positioned to supply an energy-hungry U.S., and why Moriarty believes oil should be taxed "to the limit."
Positive economic news and hints of interest rate cuts in Europe supported oil and copper prices this week, while central banks and buyers of gold bars and coins gave the yellow metal a much-needed lift.
Resource prices declined in the wake of weaker-than-expected Chinese economic growth, while gold found some stability later in the week after its biggest sell-off in 30 years.
Crude oil dropped below $88 Wednesday after the International Monetary Fund on Tuesday lowered its outlook for world economic growth.
Weaker US retail sales and consumer sentiment raised doubts about the strength of the country’s economic recovery this week, while General Electric made a big move to expand its oil and gas unit.
Growing stockpiles pressured copper and oil prices, while TransCanada started signing up clients for a new pipeline that could help ease the glut of oil coming out of Western Canada.
Oil – Western Canadian oil companies have seen the price of their crude drop on the back of a lack of pipeline outlets, growing North American production and unplanned refinery shutdowns. Is this decline likely to continue?