Oil Closes Near $38 After Taking Hit

U.S. crude prices fell since this morning, despite briefly rising due to a weaker dollar. Oil prices have steadily increased since Tuesday afternoon, just after Federal Reserve Chairman Janet Yellen announced a careful approach to raising interest rates. Historically, a weaker dollar inflates oil prices, since crude is priced in dollars. U.S. crude ended the […]

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Government Predicts Shale Slowdown as Oil Falls

ABC News By Jonathan Fahey As oil’s long slide continued, the Energy Department forecast Tuesday that production from U.S. shale operators will begin to tail off in the second half of the year. The decline would mark the first such drop in what has been a 6-year boom in U.S. onshore crude production. The price […]

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UK Energy Firms Go Under As Oil Price Tumbles

The Guardian  By Nick Fletcher The tumbling oil price has led to a trebling of insolvencies among UK oil and gas services companies so far this year, while £55bn of further oil projects reportedly under threat. Brent crude closed below $62 a barrel on Friday, a five-and-a-half-year low, amid fears of falling demand and oversupply […]

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Russia’s Energy Outlook Gloomy Amid Falling Oil Prices

The Moscow Times By Alexander Panin  While most oil-dependent economies are likely to suffer under the low and volatile oil prices predicted for next year, analysts paint a particularly dark picture for Russia, which is under the additional pressure of a faltering economy and Western sanctions over Ukraine. At the end of last week oil traded at below $59 per barrel, hitting a new five year minimum. Oil […]

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Oil Price Falls Further on IEA Energy Forecast

BBC The IEA, a consultancy to 29 countries, said supply and demand would take “some time” to respond to sharp falls in oil prices. It said it was too early to expect low oil prices to start constricting a US supply boom. On Friday, Brent crude fell to below $63 a barrel, its lowest price […]

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OPEC Cuts 2015 Demand Forecast For Its Oil As Shale Boom Persists

CNBC By Reuters Global demand for oil from OPEC next year will be less than expected because of weaker growth in consumption and the U.S. shale boom, the group said on Wednesday, pointing to an increasing supply surplus in 2015. In a monthly report, the Organization of the Petroleum ExportingCountries (OPEC) forecast demand for the group’s […]

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US Shale to OPEC: We Don’t Care!

Yahoo U.S. oil production could increase next year to levels not seen since the 1970s, despite OPEC’s efforts to muscle out American shale producers. While U.S. oil production is predicted to rise by another million barrels a day during 2015 from the current 9 million barrels a day, forecasts are coming down on expectations that […]

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Oil Jumps 3 Percent After Hitting 5-Year Low; Focus on U.S. Shale

Power Source By Barani Krishnan Reuters NEW YORK — Crude markets jumped about 3 percent on Monday, rebounding from five-year lows and heading for their biggest daily gain since at least June after fear that the high U.S. shale output blamed for the oil glut may be shrinking. A weaker dollar, which makes commodities denominated in […]

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OPEC Decision Means ‘Pain Train’ For U.S. Oil Industry

 USA Today By Kevin McCoy OPEC’s decision to maintain oil-production levels could threaten financing for some U.S. oil industry expansion and trigger market consolidation in an only-the-strong-survive scenario, economists and analysts said Friday. The Organization of the Petroleum Exporting Countries’ Thanksgiving Day announcement that it would not cut production in response to weaker prices is […]

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OPEC Needs to ‘Wake Up’ to Shale Revolution

CNBC By Holly Ellyat The Organization of Petroleum-Exporting Countries (OPEC) is facing a “shale-tinged” reality and needs a “wake-up call,” energy analysts have warned. Analysts in Citi’s commodities research team warn that the shale gas and oil revolution in the U.S. has been ignored for too long by OPEC, the powerful group of 12 global […]

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