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Lower oil prices cut two ways for US economy
Russia can do little to shore up slumping global prices even if OPEC wants it to. Russian wells will freeze if they stop pumping oil, and the country cannot store the output it would otherwise export.
The real threat for gas in Europe does not come from Russia, but from internal mechanisms that keep giving an edge to coal.
Oil and currency markets reflect expectations for lower global economic growth
North Sea Brent crude oil spot prices averaged $87/bbl in October, a decrease of $10/bbl from September and the first month Brent crude oil prices have averaged below $90/bbl since November 2010.
Brent crude prices will average $83/barrel in 2015, $18/barrel lower than last month’s outlook for 2015.
OPEC Diplomacy Picks Up With Iraq-to-Libya Chiefs
Unseasonably cold temperatures this week led to big increases in heating demand for natural gas from the residential and commercial sectors. Weather forecasters expect the cold to continue into next week, which will likely result in more natural gas consumption.
Two of the biggest oilfield services companies, Halliburton and Baker Hughes, are discussing a merger that would help both companies fend off falling oil prices
Leaders from the G20 group of nations agreed on Sunday to boost flagging global growth, tackle climate change and crack down on tax avoidance but ties between the West and Russia plummeted to a new low over the crisis in Ukraine.