OIL PRICES DOWN
US crude prices plunged below $40 a barrel for the first time since the financial crisis on Friday, amid increasing signs the year long oil rout still has further to run.
Brent, the international benchmark, also fell to its lowest since March 2009, touching $45.10 a barrel.
The latest bout of selling came after Baker Hughes data showed an increase in the number of rigs drilling for oil in the US.
The resilience of the US shale industry has prolonged an oil glut that has sent the energy sector into turmoil, as many see low prices persisting for…
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US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.
Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month, a Saudi official familiar with the policy said.
Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf (UKCS).
U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.