Crude oil markets continue to search for a bottom as prices declined again in December and the first week of January. The North Sea Brent front month futures price settled at $50.96/bbl on January 8, a decline of $21.58/bbl from December 1
Two benchmark crude oils, West Texas Intermediate (WTI) and Brent, make up about 67% of the weighting in the S&P GSCI energy index. Petroleum-based products (gasoline, heating oil, and gasoil) together comprise another 29% of the S&P GSCI energy index, and because prices for these products generally follow crude oil prices, the index tends to follow the major price movements in the crude oil market.
Oil drama drives shares lower in Asia and Europe
World's largest oil exporter is forcing prices lower to win back market share but the high-risk strategy will test the house of Saud like never before
US can be next Saudi Arabia for oil, says ex-US Treasury Secretary Summers
Saudi Arabia Raises Price of Main Oil Grade for Asian Buyers
Biggest Oil-Rig Drop Since 2009 Spells Tough Year Ahead
Oil extended losses below $50 a barrel amid speculation that U.S. crude inventories will expand, exacerbating a global supply glut that’s driven prices to the lowest level since April 2009.
Oil supplies in Iraq and Russia surged to the highest level in decades, signaling no respite in early 2015 from the glut that has pushed crude prices to their lowest in five years.
Oil & Natural Gas Corp. (ONGC), India’s biggest energy explorer, is banking on the world’s largest shale oil reserves to save its Russian acquisition. Stumbling blocks include oil prices at a five-year low and U.S. sanctions.