Oil price is unpredictable, Wadah Al Taha, CISI, UK
Sreenivasa Rao Dasari With OPEC’s deal on production cut beginning from January 1, 2017, all eyes are on the oil price forecast for next year. Soaring over 20% from $46.38 just a day before the crucial meeting of OPEC, which accounts for 40% of the world's crude oil, Brent indicated year's high at $56.09/bbl on December 27. Year 2016 witnessed wide fluctuation of oil price as it tumbled to $27.88, lowest since 2003, on January 20. This is because of several non-OPEC and non-fundamentals influencing the oil price, Wadah Al Taha, UAE Advisory Board member at Chartered Institute for Securities and Investments (CISI), UK, tells The Dollar Business. On November 30, 2016, the OPEC cartel has agreed to limit production for 6 months ...
Oil futures fall on Brexit concerns, global growth
The Dollar Business Bureau Oil futures prices declined on Tuesday, over investor’s concerns on next week's vote on UK’s likely exit from European Union; this impacted the global financial markets, lowering the signs of recovering crude prices. Considered safe investments like the German Bunds and Swiss Franc rallied, whereas equity markets and industrial products, considered sensitive to economic uncertainty, declined after the polls showed that UK’s ‘Out’ campaign is leading before a vote on membership in the EU. This outshone a more positive prediction for growth in oil demand from the International Energy Agency (IEA), which stated that the oil market is quite balanced after oversupplies of two years. The futures of Brent crude oil declined by 69 cents to $49.66 per barrel at ...
WTI crude oil fluctuates, while Brent steadies
The Dollar Business Bureau Brent price, the global proxy benchmark, has regained steadiness, post the ISIS sponsored attacks on Brussels. Meanwhile, West Texas Intermediate (WTI) crude oil, hailed as the sweet American benchmark saw fluctuations and losses on account of a "stockpile build". Trading terminals at NYSE's FXCM, on 16th and 17th March 2016 (the day of the Brussels attacks), witnessed volatile intra-day positions of both grades. However, Brent showed signs of easing on 18th March bringing it to $41.37 by end of day trading. WTI crude witnessed moderate to volatile fluctuations, and is currently trading at $41.08 for the same unit. American Petroleum Institute (API) in a report shared that the US crude stockpiles reached 532 million, a record high, ...
