RT, American energy renaissance set to flourish under new President. The Republican Party’s proposed shift to border-adjusted corporate tax (BTA) could have a significant impact on the global oil market, pushing US crude prices higher and triggering large-scale domestic production, said analysts at Goldman Sachs. The border tax intends to boost US manufacturing by taxing
Oil prices rose early on Tuesday as some analysts said markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected ahead of the high-demand winter heating season in the northern hemisphere. A drop in the dollar away from seven-month highs the previous day also supported crude, as
Brent crude oil prices steadied above $50 a barrel on Monday, supported by a planned production cut by exporter club OPEC, but still under pressure from an overhang in supply that currently exceeds consumption. International benchmark Brent crude futures LCOc1 were trading at $50.25 per barrel at 0651 GMT, up 6 cents from their last
Crude prices dipped in early trading on Tuesday, with Brent falling back below $50 per barrel as economic concerns took center stage with many analysts saying oil demand will stall later this year. International benchmark Brent crude oil futures were trading at $49.95 per barrel at 0030 GMT, down 15 cents from their last settlement.
Oil’s had a relatively good year. The commodity’s seen a nice rally in light of a weaker US dollar, stronger economic data from China, decreasing non-OPEC production, and a continued rise in demand. In fact, since their February lows, both WTI and Brent crude have rallied by about 60%, and are now trading around $44 per barrel. Although this may seem
Brent crude was projected by Wall Street analysts to average as much as $116 a barrel by the end of the year. Now, with violence escalating in Iraq, how far the price will rise has become anyone’s guess. The international benchmark surged above $114 on June 13 for the first time in nine months as