News Tag: oil
March 16, 2010
Oil giant Royal Dutch Shell has today announced it will axe a third of its global petrol station network and shed a further 1,000 jobs by the end of next year, as part of its ongoing cost cutting programme.
The Anglo-Dutch firm, which is Britain’s second largest oil company, has been hit by a slump in demand for ...
Shell steps up cost-cutting programme with further job losses
by Kay Murchie
February 22, 2010
The price of US crude oil has moved back above the $80 a barrel mark, while London Brent climbed 58 cents to $78.64, extending last week’s gains.
The rise, which is a six-week high, resulted in the FTSE 100 opening higher today and lifted the euro 0.2% after reports of a rescue for debt-stricken Greece.
Meanwhile, the news also pushed the US ...
Oil moves above $80 a barrel
by Kay Murchie
February 4, 2010
Oil giant Royal Dutch Shell has today posted a 75% fall in profits for the fourth quarter to $1.2 billion (£755 million), compared with the $4.8 billion the company made a year ago.
The Anglo-Dutch company, which is Britain’s second largest oil company, has been hit by a slump in demand for oil from a weak global economy.
For the full 2009-year, the ...
Shell Q4 profits plunge 75%
by Kay Murchie
January 11, 2010
London’s FTSE 100 reached a 16-month high today boosted by strong Chinese export and import figures.
The index gained 61.61 points to 5,595.85 just after 9:00am British time today - a level last seen in September 2008.
The FTSE hit a low point in March 2009 of 3512 but appears to be making a strong recovery amid positive economic data.
In the meantime, ...
London’s FTSE surges to 16-month high
by Kay Murchie
November 4, 2009
Europe’s third largest oil company, Total, has posted a 54% drop in third quarter net profits due to weaker oil prices.
In the three months to September, the French oil giant's profits were €1.9 billion (£1.7 billion), compared with €4.1 billion in the same period a year ago.
However, this was slightly ahead of the €1.8 billion that analysts had predicted.
Although oil ...
Total hit by lower oil prices
by Kay Murchie
November 3, 2009
Following positive economic data from the US and China yesterday, US light crude rose $1.13 a barrel to end Monday trading at $78.13, while London Brent added $1.35 to $76.55.
While prices are still way off the peak of $147 set in July 2008, they have been steadily rising due to strong economic data and increased optimism about the global economic ...
Oil prices gain on positive data
by Kay Murchie
October 29, 2009
Royal Dutch Shell has today posted a 73% fall in profits for the July to September period.
The Anglo-Dutch oil giant warned that the outlook remains "very uncertain" and according to The Times, is to eliminate 5,000 positions, around 10% of its workforce.
The group said its cost-cutting exercise means that 5,000 staff would leave the group as part of the ...
Shell posts 73% fall in third quarter profits
by Kay Murchie
October 12, 2009
The Russian economy, which is heavily dependant on oil exports, is forecasted to contract by 7.5% in 2009, according to President Dmitry Medvedev.
The latest official figures suggest that the Russian economy declined 10.2% in the year to August, compared with the same period a year earlier.
The economy has been hit hard by the sharp fall in energy prices and ...
Russian economy hit by drop in energy prices
by Kay Murchie
August 24, 2009
Positive economic news and hopes of a global recovery boosted the FTSE 100 again today after the index soared to a ten-month high and smashed through the 4,900 mark.
The gains followed those seen in Asia earlier today, which were spurred on by Federal Reserve chairman Ben Bernanke’s comments last Friday.
Mr Bernanke’s comments came at a speech in the annual central bankers’ ...
FTSE 100 soars to 10-month high
by Kay Murchie
August 7, 2009
The cost of goods leaving UK factories declined at the sharpest rate since November 2001, according to figures from the Office for National Statistics (ONS).
The ONS said prices in July were down 1.3% compared with this time last year, however, they were up 0.3% compared with June.
Meanwhile, input prices (the price of materials and fuels that manufacturers buy) plummeted ...
Factory gate prices down 1.3% in July
by Kay Murchie
May 22, 2009
British Airways (BA) has announced a pre-tax loss of £401 million for the 12 months to the end of March, compared with profits of £922 million the previous year.
While the loss is double what analysts’ estimates, it also represents the biggest loss since the company was privatised in 1987.
Many airlines continue to experience a slump in demand with many forced out ...
BA announces worst ever loss
by Kay Murchie
April 28, 2009
Oil giant BP has announced a sharp fall in quarterly profits as oil prices fall and demand weakens.
Net profit for the first quarter was $2.4 billion (£1.64 billion), a fall of 62% compared with the same period in 2008.
However, today’s results have exceeded analysts expectations and shares in the company were up 1.1% to 489p in early trading. ...
BP quarterly profit hit by falling oil prices
by Kay Murchie
April 27, 2009
Stockmarkets have been hit today by the outbreak of swine flu in Mexico sending airline and travel stocks plummeting while pharmaceutical companies including GlaxoSmithKline, AstraZeneca, Shire and Smith & Nephew have soared.
In London, the FTSE 100 index was down 60 points in early trading with the biggest losers including TUI, British Airways and Thomas Cook.
Germany's Dax lost 1.6%, while ...
Stockmarkets hit by swine flu outbreak
by Kay Murchie
March 27, 2009
For five sessions in a row, crude oil has closed at above $50 a barrel and has risen after better than predicted news for US durable goods and hopes of a rebound on the stock market.
Crude oil is being sold off in greater swathes as there is now a huge inventory of US oil, and a combination ...
Oil rises as US economic outlook shows glimmer of hope
by Peter Charalambous
November 4, 2008
The price of oil fell to $59.32 a barrel in early trading today, the lowest point since February 2007, amid growing concerns that a US recession will reduce demand.
Oil prices reached a high of $147 a barrel in mid-July. Last week, Opec said it would cut its output by 1.5m barrels a day to 27.3m barrels ...
Fears for US recession as oil price reaches 20-month low
by Kay Murchie
