Thursday, November 28, 2024

Brent Crude Hits $80

From Reuters Oil prices climbed above $80 a barrel on Thursday for the first time since November 2014, hitting new multi-year highs on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market. The market continued to push higher as geopolitical concerns drove trading. “We are going to have reduced supplies from

Goldman Sachs Chides Hedge Funds by Arguing the Case for Oil

From Bloomberg  Oil demand seen strong while market faces supply disruptions  U.S. shale, OPEC may not make up for Iran export loss: Goldman Money managers who are reducing their bullish bets on oil are following a “dangerous” strategy, according to Goldman Sachs Group Inc. Demand will remain strong and concerns over economic growth will probably prove temporary, analysts including Jeffrey Currie wrote

BP Is in Talks to Take Conoco’s U.K. Field in Swap Deal

From Bloomberg  British oil major may acquire North Sea Clair field stake  Conoco could take some of BP’s Alaskan assets in exchange BP Plc and ConocoPhillips are in discussions for an asset swap deal that would see the U.K. energy major gain a greater foothold in a key project in the North Sea and the U.S. explorer get Alaskan assets, according to people