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Oil Prices Start Week in Negative Territory

Screen Shot 2015-01-13 at 09.23.28From an article by Georgi Kantchev published by the Wall Street Journal 19 Jan 2015 unde the headline:

“Oil Prices Start Week in Negative Territory”

Extract

LONDON—Oil prices started the week in negative territory on expectations that a sustained recovery is still a long way off. …analysts said they see little evidence that the combination of oversupply and sluggish demand that has pummeled prices since last summer is abating. “Despite a nearly 60% fall in oil prices since mid-2014, oil market balances remain weak, with prospects of a recovery looking dim until the latter months of 2015…”

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From an article by Ladane Nasseri published by Bloomberg on 19 Jan 2015 under the headline: 

“Iran Blames Oil-Price Plunge for Delay in Saudi Visit”

Extract

A meeting between the foreign ministers of OPEC’s Iran and Saudi Arabia was delayed in part due to discord over falling crude prices, said Hossein Amir-Abdollahian, Iran’s deputy foreign minister for Arab and African affairs.

Brent, a benchmark for more than half the world’s oil, has tumbled amid global oversupply, which the United Arab Emirates and Qatar estimate at about 2 million barrels a day, and a slowdown in growth in China. Futures dropped 1.3 percent today to $49.50 a barrel by 8:43 a.m. in London.

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From an article by Pilita Clark published 18 Jan 2015 by the Financial Times under the headline:

“Falling oil prices threaten electric cars and biofuels”

Extract

Tumbling oil prices look set to hit electric cars and biofuels harder than other parts of the green power industry, the head of the world’s leading renewable energy agency has warned. That is because they compete directly with rivals such as petrol-fuelled cars that are becoming cheaper to run as oil prices fall.

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