Tag: oil

US trade deficit widens as oil imports surge

US trade deficit widens as oil imports surge

The US trade deficit swelled in May to $50.2 billion (£31.7 billion) from $43.6 billion the previous month, as oil imports surged. According to the Commerce Department, the trade deficit rose to the highest level since October 2008. Exports fell by 0.5% on a monthly basis to $174.9 billion, while imports rose by 2.6% on [...]

July 13, 2011 | 0 Comments More
US inflation rises more than expected in March

US inflation rises more than expected in March

The US Labor Department has today revealed consumer prices climbed to 2.7% in March from 2.3% in February. The rise, which was more than expected, was attributed to higher food and petrol prices. Meanwhile, on a monthly basis, consumer prices rose by 0.5% in March. Inflation is rising in many economies throughout the world, particularly [...]

April 15, 2011 | 0 Comments More
South Korea lifts inflation forecast

South Korea lifts inflation forecast

The Bank of Korea has lifted its inflation forecast for the 2011 year as food and oil prices rise. Inflationary pressures are rife in Asia and many central banks have opted to hike interest rates in an attempt to combat rising prices. The latest figures from Statistics Korea showed the consumer price index rose by [...]

April 13, 2011 | 0 Comments More
Budget may see freeze in fuel duty

Budget may see freeze in fuel duty

There is speculation that the Government may delay the 1p rise in fuel duty - planned for next month. The move is believed to be announced in this week’s Budget and comes as the price of petrol has surged to more than £1.30 a litre, due to concerns about the ongoing civil unrest in Libya [...]

March 20, 2011 | 0 Comments More
US inflation rises in February

US inflation rises in February

The Labor Department has today revealed US prices rose by 2.1% on an annual basis in February - up from 1.6% in January. On a monthly basis, prices rose by 0.5% – the fastest rise since June 2009, driven by higher oil and food costs. Food costs rose by 0.6% month-on-month, the most in two-and-a-half [...]

March 17, 2011 | 0 Comments More
US trade deficit widens in January

US trade deficit widens in January

The US trade deficit swelled in January to a seven month high of $46.3 billion (£28.8 billion) - much higher than expected. The widening was attributed to higher prices for imported oil, the Commerce Department reported today. Imports continued to surge - rising for the fourth consecutive month in January by 5.2% on a monthly [...]

March 10, 2011 | 0 Comments More
US trade deficit widens in December

US trade deficit widens in December

The US trade deficit swelled in December to $40.6 billion, from $38.3 billion the previous month. The rise was attributed to higher prices for imported oil, the Commerce Department reported today. Imports surged at the fastest rate since June, rising by 2.6% $203.5 billion - exceeding the $200 billion threshold for the first time since [...]

February 11, 2011 | 0 Comments More
Protestors camp outside RBS headquarters

Protestors camp outside RBS headquarters

The Royal Bank of Scotland (RBS) is faced with 100 activists at its headquarters, who are protesting against the bank’s role in financing oil industry developments which they believe could be harmful to the environment. The Camp for Climate Action (CCA) have set up marquees, eco-toilets and kitchens at the RBS’ Gogarburn site. Environmentalists have [...]

August 19, 2010 | 1 Comment More
UK producer prices up in March

UK producer prices up in March

The Office for National Statistics has today revealed UK producer output prices rose by 0.9% in March – nearly double the figure forecast by analysts. Meanwhile, the annual rate hit 5% - the highest rate since November 2008. The rise was attributed to higher oil and import prices and, according to analysts, could see the [...]

April 9, 2010 | 0 Comments More
Shell steps up cost-cutting programme with further job losses

Shell steps up cost-cutting programme with further job losses

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 [...]

March 16, 2010 | 0 Comments More
Oil moves above $80 a barrel

Oil moves above $80 a barrel

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. [...]

February 22, 2010 | 0 Comments More
Shell Q4 profits plunge 75%

Shell Q4 profits plunge 75%

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 [...]

February 4, 2010 | 0 Comments More
London’s  FTSE surges to 16-month high

London’s FTSE surges to 16-month high

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 [...]

January 11, 2010 | 0 Comments More
Total hit by lower oil prices

Total hit by lower oil prices

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 [...]

November 4, 2009 | 0 Comments More
Oil prices gain on positive data

Oil prices gain on positive data

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 [...]

November 3, 2009 | 0 Comments More
Shell posts 73% fall in third quarter profits

Shell posts 73% fall in third quarter profits

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 [...]

October 29, 2009 | 0 Comments More
Russian economy hit by drop in energy prices

Russian economy hit by drop in energy prices

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 [...]

October 12, 2009 | 0 Comments More
FTSE 100 soars to 10-month high

FTSE 100 soars to 10-month high

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 [...]

August 24, 2009 | 0 Comments More
Factory gate prices down 1.3% in July

Factory gate prices down 1.3% in July

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 [...]

August 7, 2009 | 0 Comments More
BA announces worst ever loss

BA announces worst ever loss

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 [...]

May 22, 2009 | 0 Comments More