Brent off 7-month High, Momentum Continues
Brent oil prices inched lower on Tuesday after hitting a seven-month high a day earlier, but the market momentum looked strong on a weak dollar, attacks on Nigerian oil infrastructure and falling U.S. crude inventories, analysts said. London Brent crude for August delivery was down 13 cents at $50.42 a barrel by 0148 GMT, after settling up 91 cents on Monday.
Doha Deal Failure Knocks Commodity Currencies
Canadian, Australian dollars slip as oil falls; Yen hits three-year high vs euro on risk aversion. Commodity currencies slipped on Monday while the safe-haven yen gained ground after major crude exporters failed to agree on an output freeze, sending oil prices tumbling once again. A plan to cap production at current levels fell apart on Sunday at a meeting in Doha after Saudi Arabia demanded that Iran join in…
Central Banks React Differently to Oil Drop
The world's major central banks are scrambling to work through the implications of the near halving of the price of oil in the second half of 2014, and they are coming up with very different conclusions. Perhaps unsurprisingly, policymakers looking at robust economic recoveries such as in the United States and Britain are focused on the…
Obama Administration: Cheap Oil Helping US Economy
The Obama administration said on Thursday that falling oil prices are helping the U.S. economy and are unlikely to lead to a reduction in production at the country's shale oil fields. "Lower oil prices are like a tax cut for the economy so in terms of the macroeconomic impact it's net a positive," Treasury Secretary Jack Lew said in an interview in New York that was broadcast by network CNBC.
U.S., China Ink Energy Deals; Climate Differences Remain
The United States and China on Tuesday signed eight partnership pacts to cut greenhouse gases that will bring the world's two biggest carbon emitters closer together on climate policy, but fundamental differences between the two sides remain. Consensus between the United States and China will be a crucial part of any new global climate pact to replace the 1997 Kyoto Protocol…
Hints Of Possible Deal On Ukraine Gas Emerge At G20
emerged at a meeting of G20 finance chiefs this week that a deal in which Moscow eases its stance might be in the works. sidelines. for gas and said it awaits $2.2 billion in unpaid bills. Ukraine if payments don't start coming, but between the now-standard lines he signalled some room for maneuver. "We do not want to escalate tensions with Ukraine. journalists when asked about the gas dispute.
Russia Says Iran Oil-for-Goods Deal Would Follow UN Rules
Russian Finance Minister Anton Siluanov said on Friday any oil-for-goods deal between Moscow and Iran would follow United Nations rules on sanctions, not U.S. rules. "We act on the basis of the decisions made by the United Nations that set sanctions, set product groups which would be sanctioned and we operate within those decisions," Siluanov…
Energy Takes Centerstage in U.S., Russia Dispute
President Vladimir Putin warned on Thursday that Russian gas supplies to Europe could be disrupted if Moscow cuts the flow to Ukraine over unpaid bills, drawing a U.S. accusation that it is using energy "as a tool of coercion". In a letter to the leaders of 18 European countries, Putin made clear that his patience would run out over Kiev's $2.2 billion gas debt to Russia unless a solution could be brokered urgently.
US Warns Russia over Deals with Iran
U.S. Treasury Secretary Jack Lew told his Russian counterpart on Thursday that any oil-for-goods deal Moscow might strike with Iran could run afoul of U.S. sanctions. "Secretary Lew reiterated our serious concerns regarding reports of a possible deal between Russia and Iran involving oil-for-goods," a Treasury spokesperson said in a statement after Lew met with Russian Finance Minister Anton Siluanov.
