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3 hrs ago | Reuters
Brent crude slumped to a more than two-year low under $97 per barrel on Monday as a slew of lacklustre economic data from China, the world's top energy consumer, cast a shadow on the outlook for oil demand amid abundant global supplies. Analysts have warned of a potential hard landing at the world's No.2 economy after the country's factory output grew at its slowest pace in nearly six years last month, stoking fears of lower oil demand growth in the key consumer.
8 hrs ago | ICIS Chemical Business Americas
Some chemical markets in Europe and Asia are suffering as poor downstream demand, coupled with ample or excess supply, hits the supply chain. As we enter the fourth quarter of the year, Asia's economic growth prospects look more hesitant.
For now, however, the US-led surge in supply and weak demand have seen traders start to store additional barrels as they wait for prices to recover. The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.
When the current administration took the office, Tehran's oil exports dropped to 700,000-800,000 barrels from the previous figure of 1.3 million barrels, Iran's Fars news agency quoted an unnamed source at the country's Oil Ministry as saying. Iran's oil exports slipped for a second month in July, yet sales remained above the limit set by the West under an interim deal aimed at curbing Iran's nuclear program, according to sources who track tanker shipments, Reuters reported on August 6. Iran and six world powers, known as the P5+1, agreed to extend nuclear talks by four months after they failed to reach a July 20 deadline for a permanent resolution.
Nations are much like living organisms. One fundamental function of life is to tell the difference between friends and foes.
This article was written by Oilprice.com , the leading provider of energy news in the world. Also check out these recent articles: Global oil prices have slid in recent weeks, a trend that shows no signs of changing in the immediate future.
Unsatisfied with a fragile cease-fire in Ukraine, the United States and the European Union levied new sanctions Friday against major Russian banks and defense companies, as well as penalties aimed at curtailing Russia's ability to develop oil and gas projects. But the restrictions on Russia's energy sector were carefully crafted to avoid impacting the country's current production of oil and gas, a move that would raise global energy prices at time of weak economic growth.
In this March 4, 2014 file photo, a monument to Ukrainian poet and writer Taras Shevchenko is silhouetted against an apartment building with a sign advertising Russia's natural gas giant Gazprom, in Moscow, Russia.
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran. But as rising supplies of North American crude and tepid demand have pushed prices LCOc1 below $100 a barrel, the move underlies how the shale oil revolution is creating a political and economic advantage for Washington and its Western allies.
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran. But as rising supplies of North American crude and tepid demand have pushed prices below $100 a barrel, the move underlies how the shale oil revolution is creating a political and economic advantage for Washington and its Western allies.
Oil futures put in a mixed performance Friday, with Brent futures continuing to drop as traders take their cues from a strengthening dollar and forecasts for weak global demand growth. rose 16 cents, or 0.2%, to $92.99 a barrel on Nymex.
World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America. "The recent slowdown in demand growth is nothing short of remarkable," the International Energy Agency said in its monthly report, revising down its oil demand growth projections for both 2014 and 2015.
West Texas Intermediate traded near an eight-month low amid speculation that rising U.S. crude output will add to excess supply in the world's biggest oil consumer. Brent was steady in London.
In conclusion: As far as the avalanche of the "Bernanke dollar," the only question seems to be when that final snowflake will hit, if it hasn't already. James Rickards, in The Death of Money: The Coming Collapse of the International Monetary System , writes about how "an avalanche is an apt metaphor for financial collapse," and how "an avalanche starts with a snowflake that perturbs other snowflakes, which, as momentum builds, tumble out of control" .
Key Arab allies of the U.S. agreed Thursday to "do their share" to fight against the Islamic State group, promising to take action to stop the flow of fighters and funding to the militants and possibly to join military action. The announcement came after U.S. Secretary of State John Kerry met with regional counterparts in the Saudi Red Sea coastal city of Jiddah in an effort to pin down Middle Eastern allies on what support they are willing to give to the U.S. plan to beat back the Islamic State group, which has seized large swaths of Iraq and Syria.
U.S. Secretary of State John Kerry, third right, speaks with Joseph W. Westphal U.S. Ambassador to Saudi Arabia, right, and Saudi Foreign Minister Prince Saud al-Faisal, second right, upon his arrival at the Royal Terminal of the King Abdulaziz International Airport in Jiddah, Saudi Arabia, Thursday, Sept. 11, 2014.
Updated: Sun Sep 14, 2014 10:55 pm
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