September 2009
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News from September 2009

Oil prices back up over $70, what about longer term prices?

A lot of oil market analysts and other pundits believe that crude prices will continue rising over the next year or so, as even very small increases in industrial demand will squeeze available supplies. A lot of other analysts, meanwhile, believe crude prices will fall as the world fails to emerge from recession, further squeezing [...]

Light oil prices ease but stay above $71 Wednesday trading

Oil prices eased in Asian trade Wednesday on profit taking but stayed above $71 a barrel ahead of this week’s Group of 20 summit and a US central bank meeting, analysts said. New York’s main contract, light sweet crude for November delivery, was down 44 cents to $71.32 a barrel in morning trade. The October [...]

Brent oil prices rally, trading back above $70

London’s Brent North Sea crude oil prices for November climbed $1.67 to $70.36 a barrel, oil prices bounced after the European single currency spiked to a one year high above $1.48 on Tuesday as many investors sold safe haven assets such as the greenback on the back of growing economic optimism, dealers said.
Since oil is [...]

It’s peak banks we ought to worry about, not oil

There are more than adequate oil reserves that are economic at under $100 per barrel to meet foreseeable requirements, if oil sands and shale oil are included. Maybe it’s peak banks we ought to worry about, not peak oil.
The high oil prices prior to the collapse in the second half of last year led to [...]

Oil back to $30 or $300 a barrel? What do crude traders see coming?

Oil traders could see crude oil prices plunging soon, as the world economy isn’t rebounding strongly enough to dent a huge supply glut. Bloomberg reports that traders are paying more than ever in the options market to protect against such a price drop.
The gap between prices of options that would benefit from a drop and [...]

South Korea plans to buy 2 foreign oil companies this year

South Korea plans to buy two foreign oil companies by the end of this year, Vice Knowledge Economy Minister Kim Young-hak said on Tuesday.
The government is currently beefing up exclusive negotiations with five companies, and mergers and acquisition deals with two are expected to be reached this year, Kim was quoted by Yonhap News Agency [...]

Saudi Arabia does not expect 2010 OPEC cut

OPEC does not need to cut output in 2010, according to the latest oil supply and demand estimates, the oil minister of top exporter Saudi Arabia said on Tuesday. Demand for Saudi crude was increasing, and this was evidence the world’s economy was recovering from recession, Ali al-Naimi said in an interview.
“No, based on the [...]

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