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29th of June 2011
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News Tag: oil prices

June 27, 2011

Oil prices fall further over global concerns

by Kay Mitchell
”Oil
Oil prices have fallen further as investors continue to worry about the weak US recovery and Greece’s debt woes. Today, Brent crude for August delivery fell $2.95 to $102.72 a barrel, while US light, sweet crude dropped $1.13 cents to $90.14 a barrel. The US economy continues to struggle amid stubbornly high unemployment and a depressed housing market, leading to a slowdown ...




May 16, 2011

Japanese catastrophes and Arab unrest leads to slowdown in air travel

by Kay Mitchell
Japanese catastrophes and Arab unrest leads to slowdown in air travel
The International Air Transport Association (IATA) has today reported a slump in premium air travel, attributed to the Japanese earthquake and tsunami and the political unrest in Libya and the Middle East. Passengers travelling business or first class on international routes were 2.9% higher on an annual basis in March, compared with a 7.8% rise in February. Meanwhile, economy ...




May 10, 2011

easyJet losses swell amid higher fuel costs

by Kay Mitchell
easyJet losses swell amid higher fuel costs
Budget airline easyJet has today revealed pre-tax losses for the six months to 31 March swelled to £153 million, compared with a loss of £79 million in the same period a year earlier. The no-frills airline attributed the loss to rising fuel costs and the challenging economic environment. Jet fuel costs continue to rise due to the political unrest in the Middle ...




March 23, 2011

Mexico on target for strong economic growth

by Kay Mitchell
”Mexico
Mexico's finance minister Ernesto Cordero believes the economy is on target for growth between 4% and 5%. Speaking in London yesterday, Mr Cordero said there is also a “strong possibility” that last year’s 5.5% growth rate could be surpassed - which represented its fastest annual rate in 10 years. However, he cautioned that surging oil prices are a key concern - ...




March 22, 2011

China’s yuan hits record high against US dollar

by Kay Mitchell
”China’s
The yuan has risen to an all-time high against the US dollar today - trading in a range from 6.5552 (a record high) to 6.5596 and up from Monday's close of 6.5611. The currency has now risen about 4.1% since last summer and 0.2% this week alone. Beijing has been under pressure to let its currency appreciate more quickly ...




March 16, 2011

US Fed keeps interest rates on hold

by Kay Mitchell
’US
The Federal Reserve’s policy-setting arm, the Federal Open Market Committee (FOMC), elected to keep interest rates on hold between 0% and 0.25% yesterday – a move which was widely expected. Interest rates have been held at this historic low for two years. In a statement, the central bank said that the economic recovery is on "firmer footing" and the jobs market ...




March 13, 2011

US retail sales up 1% in February

by Kay Mitchell
”US
The Commerce Department revealed US retail sales grew strongly in February - representing the eighth consecutive monthly rise. According to the Commerce Department, sales grew 1% in February - higher than January’s revised 0.7%. However, economists had expected sales to moderate as consumers are hit by soaring petrol prices. The turmoil in the Middle East and North Africa has sent crude oil ...




March 11, 2011

UK producer prices rise on surging oil costs

by Kay Mitchell
”UK
The Office for National Statistics (ONS) today revealed UK producer output prices increased 0.5% on a monthly basis in February, taking the annual rate to 5.3% - the highest since October 2008 and the fifth monthly gain. Meanwhile, producer input prices for February were 14.6% higher on an annual basis – also the highest rate since October 2008 - suggesting ...




March 4, 2011

US unemployment rate drops further to 8.9%

by Kay Mitchell
”US
The Labor Department has today revealed the unemployment rate in the US has fallen again from 9% in January to 8.9% in February. It represents the third consecutive month that the rate has fallen with the economy creating 192,000 jobs in the month - far better than expectations. However, the total number of unemployed people is currently at 13.7 million - ...




March 3, 2011

South Korea industrial output hits 17-month high

by Kay Mitchell
South Korea industrial output hits 17-month high
Statistics Korea today said South Korea's industrial output has expanded at its fastest pace since September 2009. Output grew by 4.6% in January compared with December, while on an annual basis, output grew by 13.7% - much higher than the 10.6% annual gain posted in December. The figures easily beat analysts expectations of a 1.4% month-on-month gain and an annual 12.5% ...




March 2, 2011

US Fed warns of surging oil prices

by Kay Mitchell
’US
Federal Reserve chairman, Ben Bernanke, has warned that a prolonged rise in oil prices would pose a danger to economic growth in the US. Speaking to the Senate Banking Committee, Mr Bernanke’s comments come after Brent crude hit $119 a barrel – a two-and-a half-year high. There have also been fears about the impact on oil supplies as unrest in Libya and ...




Airline profits will be hit by higher oil costs

by Kay Mitchell
Airline profits will be hit by higher oil costs
The International Air Transport Association (IATA) has again revised its forecasts for the airline industry. However, the forecasts have been revised on the back of surging oil prices, according to the industry body. IATA said global airlines will make a profit of $8.6 billion (£5.3 billion) for 2011 - down from the $9.1 billion it estimated in December. The revised ...




April 28, 2010

Royal Dutch Shell profits up 50% on higher oil prices

by Kay Mitchell
”Royal
Royal Dutch Shell has today reported a 49% rise in first quarter profits as a result of higher oil prices. The oil giant said profits totalled $4.96 billion (£3.2 billion) in the three month period - up 49% on the same period a year ago and much higher than the $1.2 billion profit in the last three months ...




April 27, 2010

BP benefits from higher oil prices

by Kay Mitchell
”BP
Oil giant BP has today reported a 135% rise in its first quarter profits as a result of higher oil prices. The company said profits more than doubled to $5.6 billion (£3.6 billion), compared with $2.4 billion for the first quarter of 2009. Furthermore, the figure is also up on the $3.45 billion profit made in the final quarter of 2009. Like other ...




April 6, 2010

US economy continues to deliver good news

by Kay Mitchell
US economy continues to deliver good news
The world’s largest economy received a further boost today after the services sector posted better than expected growth in March. The massive services sector, which makes up around two-thirds of US economic activity, grew at its fastest pace since May 2006. According to analysts, the expansion within the sector suggests strong future growth in consumer spending and overall employment. The Institute for Supply ...




October 30, 2009

Exxon hit by lower oil prices

by Kay Mitchell
Exxon hit by lower oil prices
Exxon Mobil is the latest oil giant to report its third quarter profits and has announced a 68% fall in net profit to $4.73 billion, compared with $14.8 billion a year ago. Exxon, which is the world's largest oil company, has been hit by weaker oil prices. Although oil prices have increased recently to around the $80 a barrel mark, prices are ...




October 27, 2009

BP quarterly profit hit by falling oil prices

by Kay Mitchell
”BP
Oil giant BP has announced a sharp fall in quarterly profits due to lower oil prices. Although oil prices have increased recently to around the $80 a barrel mark, prices are still way off the peak of $147 set in July 2008. BP said third quarter profits were $4.98 billion (£3 billion) - down 50% on the same period last ...




June 2, 2009

Ryanair posts larger loss than expected

by Kay Mitchell
”Ryanair
Europe’s largest no-frills airline, Ryanair, has posted its first annual loss, which it attribute to rising fuel costs, lower fares and the write-down on the value of its stake in Irish rival Aer Lingus. The airline made a net loss for the 12 months to the end of March of €169 million, compared with a profit of €481 million a year ...




April 10, 2008

Dax, CAC-40, IBEX all lower

by Elaine Frei
Dax, CAC-40, IBEX all lower
Europe’s markets declined Thursday, with the FTSE Eurofirst 300 down by 0.41 percent to 1,303.53 while the Dax was 0.25 percent lower to 6,704.32, the CAC-40 fell 0.32 percent to 4,859.42 and the IBEX dropped 0.67 percent to 13,507.9. In London the FTSE 100 was down 0.31 percent to 5,965.1 while the FTSE 250 dropped 0.58 percent to 10,013 as the Bank of ...




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