Crude oil jumped 6.3% yesterday to $45.94 a barrel for December delivery on the New York Merc. In the past few weeks oil prices have been volatile. In general, oil is the most volatile commodity in the world. Prices of oil can vary from one day to the next for any number of reasons. A single …
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Lower crude oil prices benefit some countries while others suffer. Similarly cheap oil helps some sectors more strongly than others. For example, airlines and shipping firms benefit heavily as they are direct users of large amounts oil. It is not just crude oil that has declined dramatically in the past few months. Other commodities such …
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The Russian economy is highly dependent on commodities especially the oil and gas industry. The performance of the economy and the equity benchmark RTS index is co-related to the price of the oil. In fact, the oil sector accounted for about 50% of Russia’s exports of goods and services in 2013 and provided 45% of …
Saudi Arabia’s Oil Minister Ali al-Naimi made the following statement recently: No one can set the price of oil — it’s up to Allah in an interview with CNBC. It is not clear if he said this as a joke or he was really serious. Regardless we all know that Allah does not set oil prices. …
The following chart shows the extraction cost of oil by various methods: Click to enlarge Source: CIO View Special, Feb 2015, Deutsche Asset & Wealth Management Middle East oil the cheapest while production in the Arctic Ocean is the most expensive. Update (12/22/15): Source: Oil and gas companies: the carbon risk, Schroders