Brent crude oil rose 3.7% in sterling terms over the week to 11 May, according to our exclusive Accumulator table (link below).
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The commodity’s rally helped emerging markets.
Oil enjoyed a strong week, buoyed by a report that showed US stocks of crude were lower than expected.
The MSCI Emerging Markets index rose by 2.4%.
As it stated in
Weak oil price creates gas opportunities, says SNC-Lavalin division head
REUTERS/Christinne MuschiMay 12, 2017By Karolin Schaps LONDON (Reuters) – Canadian engineer SNC-Lavalin sees opportunities from weak oil prices as investment shifts to liquefied natural gas (LNG) plants and other gas projects where the company has built expertise, the firm’s oil and gas division head said.
Providers of equipment and services to the oil industry have been hit hard by the crude price slide.
The oil and gas division reported revenues of C$3.7 billion ($2.70 billion) last year, a 4.6 percent drop from 2015.
In the short term, he said oil industry clients were focusing spending on maintaining and modernizing installations, rather than investing in new projects.
“I kind of hope that oil will not get back to $100 because it will increase opportunities in other areas,” SNC-Lavalin’s head of oil and gas, Martin Adler, told Reuters in London.
As it stated in
Understanding recent oil price swings
Perhaps oil prices fell through technical price support levels causing hedge funds that hold large commodity futures positions to sell?
Crude oil prices fell from $52.65 bbl.
We could offer more explanations, but the message hidden in these disparate theories is that no one truly knows why oil prices fell.
Could there be a more sinister explanation for why oil prices fell?
He said that for the first quarter, the country’s economy was driven more by non-oil businesses than crude oil income. Providers of equipment and services to the oil industry have been hit hard by the crude price slide.