Archive for the ‘Political’ Category

Anger in the Delta Keeps Nigeria’s Crude Oil Offline

Monday, August 22nd, 2016

Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation’s oil output, casting doubt on a production recovery in what is typically Africa’s largest oil exporter.

In the six months since the first major attack on Nigeria’s oil – a sophisticated bombing of the subsea Forcados pipeline – dozens of attacks have pushed outages to more than 700,000 barrels per day (bpd), the highest in seven years.

Talk in the country has shifted from ceasefire optimism, and oil companies’ assurances that repairs were under way, to hedged comments from the government and radio silence from oil majors.

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Gold Falls and Oil Firms as Markets Shrug Off Turkey Coup

Monday, July 18th, 2016

Gold slid one per cent on Monday (July 18) as investor jitters calmed following the failed coup attempt in Turkey, while oil prices edged higher with the turmoil unlikely to hit energy supplies.

Copper fell for a second session on pressure from a stronger dollar while corn prices jumped, underpinned by forecasts of hot-dry weather potentially reducing U.S. crop yields.

Turkey widened a crackdown on suspected supporters of a failed military coup, taking the number of people rounded up in the armed forces and judiciary to 6,000, and the government said it was in control of the country and economy.

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Oil Price is Stabilising Even as Iran Plans to Boost Crude Exports

Monday, July 11th, 2016

Oil markets will remain stable this year even as Iran plans to keep boosting crude exports to regain the market share it lost due to sanctions, according to a senior official at state-run National Iranian Oil Co.

Iran exports about 2 million barrels of its daily output of 3.8 million, said Mohsen Ghamsari, NIOC’s director of international affairs. The country has regained about 80 percent of the market share it held before the U.S. and European Union tightened sanctions on its oil industry in 2012, he said.

Sanctions were eased in January, and Iran plans to double crude exports.

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Oil Prices Rise As Brexit Shock Fades and Norway Strike Looms

Wednesday, June 29th, 2016

Oil rose on Wednesday (June 29) as financial traders poured money back into commodities following the initial shock of Britain’s vote to leave the European Union, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply.

Brent crude futures were trading at $48.84 per barrel at 0422 GMT, up 26 cents from their last settlement. U.S. crude was up 35 cents at $48.20 a barrel.

Both oil benchmarks had climbed on Tuesday (June 28) after markets shook off some of the initial shock from the referendum in Britain in which most voters elected to exit the EU.

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Oil Prices Steady Following Brexit Vote but Worries Over Refined Products Glut Looms

Monday, June 27th, 2016


Oil prices steadied on Monday (June 27) as market participants better absorbed the shock of last week’s vote in Great Britain to leave the European Union and as analysts said Brexit would have a limited impact on global fuel demand.

Brent crude futures were up 17 cents at $48.58 a barrel by 0844 GMT and U.S. crude was up 2 cents at $47.66 a barrel.

Both crude benchmarks closed down around 5 percent on Friday (June 24) amid plunging global financial markets as results from a referendum defied bookmakers’ odds to show a 52 percent to 48 percent victory for the campaign to take Britain out of the EU.

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Oil Rallies as Fears Over Brexit Cool Down

Monday, June 20th, 2016

Oil rallied on Monday (June 20), lifted by a wave of investor confidence and a weaker dollar after polls showed a diminishing chance that Britain may vote to leave the European Union later this week.

August Brent crude futures were up 85 cents at $50.02 a barrel by 5.55am New York time, set for a gain of 6 per cent in two trading days. NYMEX crude for July delivery, which expires on Tuesday (June 21), was up 80 cents at $48.78 a barrel.

Campaigning for Britain’s vote on EU membership resumed on Sunday (June 19) after a three-day hiatus prompted by the brutal killing of Batley & Spen MP Jo Cox of  the ‘Remain’ camp.

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Gold Hits 4-week High as Cenbank Meets and Brexit Vote Shakes Stocks

Monday, June 13th, 2016

Gold hit its highest since mid-May today, Monday (June 13), driven higher by a retreat of the dollar and as stocks were knocked by rising risk aversion before key central bank meetings this week and a June 23 vote on whether Britain should leave the European Union.

The pound fell to a two-month low against the dollar, pushing gold denominated in sterling to its highest in nearly three years at 909.83 pounds an ounce, up 1.9 per cent.

Spot gold was up 0.8 per cent at $1,283.66 an ounce at 09.40 GMT, off an earlier peak of $1,284.50. U.S. gold futures for August delivery were up $11.10 an ounce at $1,287.00.

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Iran Won’t Freeze Oil Output Ahead of OPEC Meeting

Monday, May 23rd, 2016

Iran, which is due to meet with OPEC partners on June 2, has no plan to join any freeze in crude output as the country won’t be done ramping up oil exports to pre-sanctions levels before the second half of the year, the head of the state oil company said.

The Persian Gulf state’s oil exports will likely surpass 2.2 million barrels a day by the middle of the summer, Rokneddin Javadi, managing director of National Iranian Oil Co., told Mehr news agency.

Iran last exported at this level before sanctions were imposed on the country for its nuclear program more than four years ago.

Sanctions were eased in January, and Iranian officials said they won’t discuss any output freeze or cut before reaching pre-sanctions levels.

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Stagnation is the Name of the Game in Terms of Oil and Gold

Wednesday, December 9th, 2015


In recent news, it has been shown that mining prices have taken massive hits with some companies such as Anglo American down nearly 22 per cent since the start of trading this week. Such negative movements serve to underpin the fact that online commodity trading experts still feel that there is a glut in terms of supply versus demand.

In turn, both oil and gold have once again entered into a more bearish territory (if ever having left this region to begin with during the past few months).
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Poor performances for Gold and Oil trading circles

Tuesday, December 1st, 2015

Gold: A Long Winter Ahead?

The bears have once again taken centre stage in terms of online gold trading. However, this is not all bad news for short-term commodity investors.

One of the main reasons for relatively positive news is that it is now widely believed that the Federal Reserve of the United States will raise its interest rates.
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