Posts Tagged ‘U.S.’

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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Goldman Surprised by Sudden Oil-Market Turn

Monday, May 16th, 2016

The global oil market has flipped to a deficit sooner than Goldman Sachs Group Inc. had expected.

A decline in production driven by unexpected supply disruptions, as well as sustained demand have led to a “sudden halt” to the market surplus, Goldman wrote in a report dated May 15.

The bank’s report, written by analysts including Damien Courvalin and Jeffrey Currie, prompted Goldman to raise its U.S. crude price forecast to $50 a barrel for the second half of 2016 from a $45 estimate in March.

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Oil Isn’t the Only Commodity Threatened by Rise of Electric Cars

Monday, May 9th, 2016

The rise of electric cars and fall of diesel technology threatens an industry from South Africa to Siberia.

The bold plan by Tesla owner Elon Musk to produce 500,000 electric cars every year starting in 2018, promise to disrupt yet another market – platinum.

But it’s not just Tesla. More or less every car manufacturer is rushing to introduce electric cars to end use of petrol and diesel.

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