Oil Prices

Oil Prices Surge After US, Britain Strike Back at Houthi Rebels in Yemen

Oil Prices Surge After US, Britain Strike Back at Houthi Rebels in Yemen

Oil prices jumped 2% on Friday as the United States (US) and Britain launched air and sea strikes in Yemen against the Houthi militants.

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A truck drives past Maersk and Cosco con

Oil Prices Surge Over 3% Amid US Warning of Houthi Militants in the Red Sea

Oil prices surged over 3% on Wednesday following a warning from the US regarding Houthi militants' activities in the Red Sea.

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LNG price continues to fall amid oversupply from producers

LNG supporters are worried about the continuous fall in the industry amid oil price recovery. Liquefied natural gas prices continue its downhill slide despite a 50% surge in Brent oil prices.

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Shell reportedly plans to dispose of its North Sea assets

Royal Dutch Shell is reportedly seeking buyers for its North Sea assets following the merger with BG. The oil company intends to raise $30 billion from the sale of its global assets in order to balance the BG merger expenses.

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Al Jazeera to Cut 500 Jobs Worldwide as Qatar Continues to Suffer From Slumping Oil Prices

Qatari media network Al Jazeera is announcing its plan to cut 50 jobs as a part of an optimization initiative. As a partly state-funded company, Al Jazeera is impacted by the slump in oil prices, which is the country’s main sector.

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George Osborne's £1bln budget boost for North Sea

Chancellor George Osborne has announced a £1-billion rescue package for trouble-hit North Sea oil industry. The government is also extending £730 million support for renewable electricity.

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Oil prices retreat as Iran refuses to freeze output

Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.

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UAE’s Beco Capital Projects Tech Startups to Boom in The Region Amid Low Oil Prices

UAE venture capital firm BECO Capital expects that the tech sector will spur amid the slowdown in the economy due to low oil prices. Especially in the region, the firm projects that tech startups will face a significant growth as the government seek to achieve diversification to non-oil sectors.

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US oil, natural gas drilling dropped lowest since 1940

The US drilling activity for oil and natural gas declined to record low since 1940 in the wake of weaker oil prices in the global markets. Oil firms are also reducing their spending budgets this year owing to adverse conditions in the markets

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Bank of England has many choices to boost Britain's economy according to Governor Mark Carney

Bank of England has many choices to boost Britain's economy. The bank may slack its financial policy on fears that the country may exit the European Union.

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Berkshire to increase holdings in Kinder Morgan

Berkshire Hathaway made a significant investment in the energy firm Kinder Morgan during the final three-month period of 2015. This investment activity highlights Berkshire's increasing bet on the oil sector.

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Saudi Arabia, Russia Agreed to Halt Oil Production After Qatar Talk, Boosting Oil Prices

Saudi Arabia and Russia, the world's largest oil producers, have come to an agreement to reduce oil production into the January level. This is the first time for the two countries working together in efforts to fix the oil industry, which has been dropping for years.

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Shell Q4 earnings fall 44%; confirms job cuts

Royal Dutch Shell said that its profit for the fourth quarter dropped 44% as the price of the crude oil tumble. The UK-based oil firm also confirmed that it is trimming 10,000 jobs, a move to reduce its costs.

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China factories output drops more than forecast

China's benchmark Purchasing Managers' Index (PMI) fell to lowest in the three-and-a-half years. PMI was at 49.4 for January as against average forecast of 49.6. The PMI was 49.7 in December 2015. The disappointed China factory output data pulled oil prices lower.

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Asian Markets Dropped as Oil Prices Decreased

China shares plunged Tuesday at 6.4%. The Shanghai index closed below 2,800 for the first time since December 2014. The condition has worried the investors for the capital outflow from China. Other Asian markets dropped as oil prices decreased.

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