Oil prices that have plunged to a 27-month low are inflicting damage on a Russian economy already contending with escalating sanctions from the U.S. and European Union over its role in Ukraine.
Investors flocked to Kazakhstan’s first dollar-denominated bond in more than a decade, the first sovereign bond deal to include terms created in response to Argentina’s acrimonious default.
One of Russia’s prized oils, facing increased competition in Asia, is traveling to a rather unlikely destination: the U.S. West Coast.
EIA: US industrial gas demand to rise 4% in 2015
Discord at OPEC is turning into a price war, loosening the cartel’s grip on the oil market and exacerbating a recent steep selloff.
Brent crude hit a 28-month low on Thursday while benchmark US oil dropped below the $90 a barrel mark for the first time since April 2013, pointing to significant stocks on both sides of the Atlantic.
Oil is in the midst of one of its steepest selloffs since the financial crisis, with prices falling 16 percent since mid-June. This has the Saudis contemplating even deeper cuts in oil production to keep prices from declining any further.
There was a time when headlines about jets bombing Middle Eastern refineries would have sent oil prices soaring.
West Texas Intermediate crude fell from the highest price in seven days as concern eased over the risk of a supply disruption in the Middle East. Brent declined in London.
Iran’s oil minister called on Opec nations to work together to prevent a further slide in crude prices,