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The Link Between The Economy And Oil Prices Strengthens
6 hours ago ago from 24/7 Wall St.
The link between the global economy and oil prices may have in July 2008 as oil prices rose to $140 and the recession took hold across most economies around the world. Some of the increase in oil prices then has been tied to speculation, and some to a fear that global supplies were dwindling faster than expected. The price of oil and the economic slowdown began to form a strong link early this year as crude prices dropped below $40 as ...
Related contentWill Opec have a happy new year?
23 hours ago ago from Dubai Business | Kippreport
Oil prices reached above $74 per barrel on Tuesday even as the Organization of the Petroleum Exporting Countries (Opec) agreed to keep production unchanged at least until March 2010. Opec ministers have said that they are happy with the current oil prices; Saudi's oil minister Ali al-Naimi said that they were and that he would like to keep it that way in 2010. Everyone needs this price: this is the future, he said. This is the ...
Related contentKuwait discovers new oil and gas field
2 hours ago ago from Syrian Oil and Gaz News
Kuwait has discovered a new oil and gas field and is exploring for more as the OPEC producer seeks to boost its crude output capacity by about 27% to 4 million barrels of oil a day by 2020, a senior oil official said in comments carried by state-run Kuwait News Agency late Tuesday. The new field in northwest of Kuwait had an estimated initial output capacity of 80,000 barrels per day of light crude and 110 million cubic feet ...
Related contentOil price climbs above 77 dollars
2 hours ago ago from Syrian Oil and Gaz News
Oil prices rose on Thursday, extending a rally caused by a larger-than-expected drop in US energy stockpiles, traders said. New York's main futures contract, light sweet crude for delivery in February, rose 37 cents to 77.04 dollars a barrel. Brent North Sea crude for February delivery gained 25 cents to 75.70 dollars. The Christmas Eve market surge was largely driven by a fall in energy inventories ...
Related contentCrude pares early losses
18 hours ago ago from FINANCIAL ADVISORY
Prices end higher as traders anticipate a drop in inventory Crude prices erased earlier losses and ended higher for the dayon Tuesday, 22 December 2009. Prices rose despite the firm dollar. Therise in price was mainly because traders anticipate a drop in crudeinventories in tomorrow's weekly inventory data. On Tuesday, crude-oil futures for light sweet crude forFebruary delivery closed at $74.4/barrel (higher by ...
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North Dakota oil patch posts record production
1 hour, 16 minutes ago ago from U.S. News
North Dakota oil patch posts record production BISMARCK, N.D. (AP) -- North Dakota's oil patch will set a production record in 2009, despite a year that began with depressed crude prices and a drop in drilling activity, state and industry officials said. North Dakota will produce about 80 million barrels of oil in 2009, up from a record 62.8 million barrels last year, said Lynn Helms, director of the state Department of Mineral Resources. ...
Related contentChilly Climate for Oil Refiners
14 hours ago ago from The New York Times
Only a few years ago, a cry went up that the United States needed more oil refineries. The perceived shortage was so acute that George W. Bush , president at the time, even offered disused military bases as sites for building them. A blog about energy, the environment and the bottom line. Not only did that never come to pass, but the reverse is now happening. The business of oil refining is mired in a deep crisis, with ...
Related contentOil climbs above $77 on inventory decline
4 hours ago ago from CNN Money
TRADING CENTER Oil climbs above $77 on inventory decline December 24, 2009: 8:30 AM ET LONDON (Reuters) -- Oil rose for a fourth day on Thursday, briefly touching a three-week high, as support came from equity gains and falls in oil inventories in key consumer markets. U.S. crude oil futures were trading 38 cents higher to $77.05, having hit $77.48, the highest ...
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