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AUGUST 4 (Reuters) — Wall Street ended lower on Monday (August 3) as tumbling oil prices dragged energy shares to a three-year low and factory data from China raised concerns about the world’s second-biggest economy. Energy stocks were the biggest losers among the main S&P sectors. Exxon Mobil and Chevron, which reported poor results on Friday, led the losses. Oil prices fell on fresh evidence of growing oversupply and data highlighting slowing demand in China. […]
MANILA, Philippines, Aug. 3 (Eagle News) — Good news for motorists. A big time price rollback in petroleum products is expected to be implemented this week. Gasoline prices may hover from P0.40 to P0.70 per liter; P0.90 to P1.05 per liter of diesel and P0.70 to P0.90 per liter of kerosene. Said big-time oil price cut down was due to the decreasing demand in the world market. (Eagle News Service) https://youtu.be/3pXgy7xQTVI
JULY 31 (Reuters) — Job cuts and falling profits at Royal Dutch Shell are the latest indication of how prolonged low oil prices are taking their toll. Profits in the second quarter were 37 percent lower than last year. Net income was $3.8 billion, down from more than $6 billion a year earlier, missing analysts forecasts. It’s to axe 6,500 jobs to help mitigate the impact. Ben van Beurden, Chief Executive, Royal Dutch Shell said, […]
JULY 16 (Reuters) — India’s Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said the country will benefit from the fall in oil prices following Iran nuclear deal. Pradhan said that even though the natural petroleum industry may face some challenges, India will be one of biggest beneficiaries of the dip in oil prices. “With Iran coming to the market, there is an assumption that there will be sliding in the oil price. There will […]
Good news for motorists as there would be a rollback of petroleum product prices this week. According to the Department of Energy (DOE), there would be a five centavo rollback per liter of diesel while a thirty centavo rollback for gasoline. The DOE also clarified that the said rollback could still change due to the continued political unrest in Yemen. Petroleum companies recently rolled back the prices of their products last week after the price […]
(Reuters) – Brent and U.S. WTI crude oil prices fell to their lowest levels in almost six years on Tuesday as a big OPEC producer stood by the group’s decision not to cut output to tackle a glut in the market. Oil prices have fallen 60 percent from their June 2014 peaks, driven down by rising production, particularly U.S. shale oil, and weaker-than-expected demand in Europe and Asia. Rather than cutting output to try to […]
(Reuters) – Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world’s top oil exporter Saudi Arabia is determined not to make the same mistake again. The oil glut of the 1980s, the early days of the modern crude market and a distant memory for most traders, has resurfaced recently in conversations with Saudi officials and veteran analysts who see it […]
