Tag: oil

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  • Canada unemployment rates

    Canada’s unemployment rate rises to 7.3% as oil industry continues to suffer

    The crash in oil prices is have detrimental effects on Canada’s unemployment rate. The country’s unemployment rate rose to a three-year high of 7.3% in February, marking the third consecutive month that Canada’s jobless rate increased. Canada is one of the world’s biggest oil exporters. At least 8,000 jobs were lost last month in the natural […]

  • Iran oil prices

    Iran to massively increase oil output despite OPEC freeze

    Iran will not follow in the footsteps of OPEC and Russia as they plan to freeze oil output. Instead, the country plans to pump an additional one million barrels of oil per day.   “Iran is not the cause for this turmoil,” Deputy Oil Minister Amir Hossein Zamaninia told CNN’s Fred Pleitgen on Sunday. “We […]

  • Oil prices gain and then fall on OPEC talks

    Oil gives up gains as hopes for a production cut fizzle

    Oil prices gained 5% on Tuesday but then gave back all that ground as talks between Saudi Arabia and Russia failed to reduce production. Oil ministers from the two countries met on Tuesday and agreed to freeze production at current rates — a small step that will do almost nothing to reduce the massive supply […]

  • Oil Industry and OPEC production cuts

    Oil creeps above $33 a barrel on talk that OPEC might take action

    Oil prices managed to hold onto last week’s gains on speculation that OPEC may finally agree to cut production, helping to ease over-supply in the market. Brent crude futures LCOc1, the global benchmark, were unchanged at $33.36 a barrel at 1718 GMT. US futures CLc1 traded at $29.67 a barrel, up 23 cents on Friday’s close. “Some […]

  • Oil Prices continue to slide

    Oil prices just fell below $27 a barrel

    Oil prices are continuing to drop, falling a dramatic 4% on Thursday to end below $27 a barrel. The last time oil dropped below $27 was in 2003. While oil price decreases equal savings at the pump for American consumers, it has also wreaked havoc on global financial markets. Investors worry that the energy market, […]

  • Iran Oil sales in Euros

    Iran wants oil payments to be made in Euros and not US dollars

    Officials in Iran are preparing to sell their oil to the world again, however, the country’s government is asking for payment in Euro’s instead of US dollars. “Our top priority is to receive cash and oil [payments] in euro,” Safar-Ali Karamati, a deputy director at the National Iranian Oil Company, told an Iran news outlet […]

  • Stock Market Downturn

    Stocks tank as oil hits $30 a barrel

    The Dow dropped 250 points on Monday morning as oil prices hit the $30 a barrel price point. The tech-heavy Nasdaq sunk by 2.3% and is preparing to close at its lowest level since October 2014. The S&P 500 was also down 1.6% and off by 9.5% on the year. Wall Street is under growing […]

  • Oil Prices Fall

    Oil Prices Fall Again, Taking U.S. Shares Along For The Drop

    Global markets bounced back slightly after sharp drops last week, but still-falling oil prices kept investors uncertain about the future. Benchmark Brent crude fell $1.85 to $30.34 a barrel, a 5.75 percent drop from Friday’s close. It had fallen to a 12-year low last week, hitting $27.10 on Wednesday before recovering on Thursday and Friday. […]

  • Crude Oil prices jump

    Crude oil surges above $31 a barrel

    Oil rallied for the second day in a row, surging above $31 a barrel on Friday morning. Prices rose 4.2% Thursday to settle at $29.53 a barrel. That was the biggest one-day percentage gain since October 28. The upward movement in oil prices led to improvements in commodities and energy shares around the world. In […]

  • Oil is getting crushed

    Oil futures just crashed below $28 a barrel

    Oil futures continued to decline on Wednesday as U.S. crude reached its lowest since 2003. U.S. crude oil dropped more than 4% in early trading, falling to as low as $27.32 a barrel. The sinking future rebounded to track $1 below its starting price at $27.46 as of 1239 GMT. The contract settled down 96 cents, […]