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2023–2025 World Oil Market Chronology
In 2023, the first two quarters saw declines, though concerns over U.S. interest rates have kept oil from rising as much as it could have. Oil then rose for seven straight weeks to a nine-month high and then rose and fell before seven weeks of declines. 2023 Both Brent and WTI started the year down more than 8 percent, the most for a first week since 2016. Brent finished at $78.57 and WTI at $73.77, after gaining 13 percent in the previous three weeks. U.S. jobs news indicated the economy was slowing, meaning less chance of another large interest rate increase, and the dollar jumped. The price of Saudi light crude sold to Asia fell to the lowest since November 2021. Oil rose for the next two weeks, with Brent ending at $87.63 and WTI at $81.31, with loosening of restrictions in China a big reason, along with expectation of smaller interest rate increases. A lower oil rig count and the Russian cap also contributed, though U.S. crude inventories were the highest since June 2021 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brent Crude
Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercontinental Exchange) Brent Crude Oil futures contract or the contract itself. The original Brent Crude referred to a trading classification of sweet light crude oil first extracted from the Brent oilfield in the North Sea in 1976. As production from the Brent oilfield declined to zero in 2021, crude oil blends from other oil fields have been added to the trade classification. The current Brent blend consists of crude oil produced from the Forties (added 2002), Oseberg (added 2002), Ekofisk (added 2007), and Troll (added 2018) oil fields (also known as the BFOET Quotation). The Brent Crude oil marker is also known as Brent Blend, London Brent and Brent petroleum. This grade is described as light because of its relatively low density, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profit Taking
In finance, profit taking (or taking profits) is the practice of selling an asset, mostly shares, when the asset has risen in price. This allows investors to convert the increase of an asset's market value into cash. Profit taking by a number of investors normally causes the price of the asset in question to fall temporarily. Nevertheless, the occasion of profit taking itself indicates an upward market trend A market trend is a perceived tendency of financial markets to move in a particular direction over time. Analysts classify these trends as ''secular'' for long time-frames, ''primary'' for medium time-frames, and ''secondary'' for short time-fram .... External links Definition from InvestopediaDefinitions from TheFreeDictionary Disinvestment Stock market {{finance-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2021–2023 Global Energy Crisis
The 2021–2023 global energy crisis began in the aftermath of the COVID-19 pandemic in 2021, with much of the globe facing shortages and increased prices in oil, gas and electricity markets. The crisis was caused by a variety of economic factors, including the rapid post-pandemic economic rebound that outpaced energy supply, and escalated into a widespread global energy crisis following the Russian invasion of Ukraine. The price of natural gas reached record highs, and as a result so did electricity in some markets. Oil prices hit their highest level since 2008. Higher energy prices pushed families into poverty, forced some factories to curtail output or even shut down, and slowed economic growth. It was estimated in 2022 that an additional 11 million Europeans could be driven to poverty due to the energy inflation. Europe's gas supply is uniquely vulnerable because of its historic reliance on Russia, while many emerging economies have seen higher energy import bills and fuel sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2020–2022 World Oil Market Chronology
2020 On January 3, 2020, WTI finished up 2.2 percent for the week at $63.05, the highest since May, after U.S. air strikes in Iraq, with Brent up 2.6 percent for the week at $68.60. Then oil fell for five straight days before rising again; the U.S. "backed away from military confrontation" with Iran, and stockpiles were higher. WTI fell 6.4 percent for the week, the most since July, and on January 13 had its lowest close since December 3 at $58.08. Brent fell 5.3 percent, the most since August, and then reached its lowest close since December 12 with $64.20. On February 10, oil reached its lowest level in over a year, with the COVID-19 pandemic a major reason. WTI fell 1.5 percent to $49.57, the lowest since January 2019, and Brent dropped 2.2 percent to $53.27, the lowest since December 2018. Russia had not agreed to further production cuts, though OPEC had a plan. Despite a forecast for lower demand, expectations of OPEC action led to three days of gains, with WTI reaching $5 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2017–2019 World Oil Market Chronology
2017 Despite the promises of lower output from other countries, no evidence of changes was seen. U.S. output was higher. Also, China's economic problems caused concern. Brent fell 3% in the second week of the year to $55.45. WTI fell to $52.37 for a nearly 3% loss. On January 18, with a strong dollar and expectations of higher U.S. production, Brent fell to $53.92 and WTI to $51.08. With U.S. production and inventories up, even a lower dollar and decreased production by OPEC nations did not cause oil prices to rise as much as they could have. WTI reached $53.07 and Brent $55.44 on January 26. On February 8, the U.S. Energy Information Administration reported the second-largest increase in oil supplies, the day after WTI reached $52.17 and Brent reached $55.05, the lowest in three weeks for both, thanks to a strong dollar. Still, prices moved higher on February 8. With the increase in U.S. supplies and OPEC's plan to keep cutting production, oil ended the next week down, with WTI ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2014–2016 World Oil Market Chronology
2014 On January 2, benchmark crude fell by the most in one day since November 2012 to close at $95.44. Brent crude was $107.78. Gas was $3.33. With the Iran agreement and increased production from Libya and the North Sea, Benchmark oil was around $92 on January 13 and Brent crude was $105.98. After good economic news from Japan, Benchmark crude fell slightly from its highest close of 2014, $98.23 on January 30. Brent crude fell to $107.25. The difference between the two fell below $10 for the first time since November, partly due to cold weather in the United States which resulted in high heating oil demand. Early in February gas was $3.27. Cold weather led to the price of oil staying above $100 for most of February, but lower prices were expected. With United States fourth quarter economic growth expected to be lower than an early estimate, Benchmark crude fell slightly on February 27 to $102.40, with Brent crude reaching $108.61. On March 24, due to the dispute over Crimea, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2011–2013 World Oil Market Chronology
2011 Arab Spring, Political turmoil in Egypt, Libya, Yemen, and Bahrain drove oil prices to $95/barrel in late February 2011. A few days prior, oil prices on the NYMEX closed at $86. Oil prices topped at $103 on February 24 where oil production is curtailed to the political upheaval in 2011 Libyan civil war, Libya. Oil supplies remained high, and Saudi Arabia assured an increase in production to counteract shutdowns. Still, the Mideast and North African crisis led to a rise in oil prices to the highest level in two years, with gasoline prices following. Though most Libyan oil went to Europe, all oil prices reacted. The average price of gasoline in the United States increased 6 cents to $3.17. On March 1, 2011, a significant drop in Libyan production and fears of more instability in other countries pushed the price of oil over $100 a barrel in New York trading, while the average price of gas reached $3.37. Despite Saudi promises, the Sour crude oil, sour type oil the country expo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Libya
Libya (; ar, ليبيا, Lībiyā), officially the State of Libya ( ar, دولة ليبيا, Dawlat Lībiyā), is a country in the Maghreb region in North Africa. It is bordered by the Mediterranean Sea to the north, Egypt to Egypt–Libya border, the east, Sudan to Libya–Sudan border, the southeast, Chad to Chad–Libya border, the south, Niger to Libya–Niger border, the southwest, Algeria to Algeria–Libya border, the west, and Tunisia to Libya–Tunisia border, the northwest. Libya is made of three historical regions: Tripolitania, Fezzan, and Cyrenaica. With an area of almost 700,000 square miles (1.8 million km2), it is the fourth-largest country in Africa and the Arab world, and the List of countries and outlying territories by total area, 16th-largest in the world. Libya has the List of countries by proven oil reserves, 10th-largest proven oil reserves in the world. The largest city and capital, Tripoli, Libya, Tripoli, is located in western Libya and contains over ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TheStreet
''TheStreet'' is a financial news and financial literacy website. It is a subsidiary of The Arena Group. The company provides both free content and subscription services such as Action Alerts Plus a stock recommendation portfolio co-managed by Bob Lang and Chris Versace. Former notable contributors include Jim Cramer, Bob Powell, Aaron Task, Herb Greenberg, and Brett Arends. History Early years: going public TheStreet, Inc., (formerly, TheStreet.com, Inc.) was co-founded in 1996 by Jim Cramer and Marty Peretz. It became a public company via an initial public offering in May 1999 under the direction of former CEO Kevin English and former CFO Paul Kothari. Dave Kansas became editor-in-chief in April 1997. Kansas also opened a San Francisco bureau and was a member of the board of directors. In 1999, at the peak of the dot-com bubble, the market capitalization of the company was $1.7 billion. In July 2001, David J. Morrow, a former reporter for ''The New York Times'', joined T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Houthi Involvement In The 2023 Israel–Hamas War
The Red Sea crisis, also known as the United States–Iran proxy war, References for this being a US-Iran proxy war: * * * began on 19 October 2023 when Yemen's Houthi movement initiated a series of attacks, targeting Southern Israel and the ships in the Red Sea it claimed were linked to Israel, although some ships with no apparent link to Israel were also targeted. During the Israel–Hamas war, the Houthi movement in Yemen, aligned with Hamas, launched attacks targeting Israel. They employed missiles and unmanned aerial vehicles (UAVs), some of which were intercepted by Israel over the Red Sea using the Arrow missile defense system (another missile was intercepted in space, making it the first instance of space warfare in history according to Israeli officials); others fell short of their targets or were intercepted by the United States Navy, the French Navy and the Israeli Air Force. On December 2023, Houthi spokesperson Yahya Saree announced that any ship destined for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hamas
Hamas (, ; , ; an acronym of , "Islamic Resistance Movement") is a Palestinian Sunni-Islamic fundamentalist, militant, and nationalist organization. It has a social service wing, Dawah, and a military wing, the Izz ad-Din al-Qassam Brigades. It won the 2006 Palestinian legislative election and became the ''de facto'' governing authority of the Gaza Strip following the 2007 Battle of Gaza. It also holds a majority in the parliament of the Palestinian National Authority. Canada, the European Union, Israel, Japan, Australia, the United Kingdom and the United States have designated Hamas as a terrorist organization. New Zealand and Paraguay have designated only its military wing as a terrorist organization. It is not considered a terrorist organization by Brazil, China, Egypt, Iran, Norway, Qatar, Russia, Syria and Turkey. In December 2018, the United Nations General Assembly rejected a U.S. resolution condemning Hamas as a terrorist organization. Hamas leaders Ismail Han ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2023 Israel–Hamas War
} The ongoing armed conflict between Hamas-led Palestinian militant groups and Israel military forces began on 7 October 2023, 50 years after the start of the 1973 Yom Kippur War. Hamas's coordinated surprise offensive, codenamed "Al-Aqsa Flood", began in the morning with a barrage of at least 5,000 rockets launched from the Gaza Strip against Israel, while some 2,500 Palestinian militants breached the Gaza–Israel barrier, massacred and set fire to civilian communities, and attacked Israel Defense Forces (IDF) military bases near the Gaza Strip. Hamas stated that its attack was in response to the desecration of the Al-Aqsa Mosque, the blockade of the Gaza Strip, continued Israeli settlements, and Israeli settler violence. Over 1,400 Israelis, mostly civilians, were killed, including 260 people at a music festival in Re'im. Over 200 people, unarmed civilian hostages and captured Israeli soldiers, were taken to the Gaza Strip. Israeli military forces began conducting reta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
