2/29/2024 0 Comments Cheap oil changes edmontonCNN Sans ™ & © 2016 Cable News Network.You may have heard that scheduled oil changes are the most important aspect of a regular maintenance routine - and that skipping oil changes results in dirty, contaminated oil, which reduces your fuel efficiency and gradually causes very costly damage to your engine. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Still, Goldman Sachs said, the supply cuts by OPEC+, a potential economic rebound in China, as well as a “modest” risk of a US recession, among other factors, are likely to limit the extent of falls in oil prices.Ĭraig Erlam, senior market analyst at Oanda, wrote in a note Monday that optimism among investors that the world’s major central banks might soon start cutting interest rates “has boosted the odds of a softer landing, which could support demand (for oil).”Ī “soft landing” describes a successful campaign by a central bank to lower inflation through interest rate hikes without tipping the economy into recession. Markets are also fretting over a likely drop in demand for crude, especially in China, where there are persistent signs of a weakening economy. The US Energy Information Administration expects crude oil output to have reached an all-time high of 12.9 million barrels a day on average this year, and to hit another record average of 13.1 million barrels a day in 2024. Record levels of oil production in the United States have helped drive those price declines. OPEC+ members agree to significant voluntary oil production cuts General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia in May 2018. Prices have fallen despite the Organization of the Petroleum Exporting Countries and its allies - a group of the world’s major oil producers known as OPEC+ - saying they will extend a supply cut of 2.2 million barrels per day through the first quarter of next year in an effort to buoy prices. ![]() The upswing came after oil giant BP said it would pause all shipments through the Red Sea because of increased attacks on vessels by Hamas-supporting Houthi militants in Yemen.īoth oil contracts are still down from the 13-month highs of $95 and $94 respectively hit in September. The bank’s analysts said “the key reason” for the revised price expectations was “ongoing gains in drilling speed and well completion intensity” in the United States.īrent and West Texas Intermediate crude, the US benchmark, were both up 3.5% to trade at $79 and $74 a barrel respectively by 9.58 am ET Monday. ![]() It forecasts Brent to peak at $85 a barrel next June. The Wall Street bank wrote in a note Sunday that it now expects Brent, the global oil benchmark, to average $81 a barrel in 2024, down from its previous estimate of $92 a barrel. Goldman Sachs has cut its forecast for the average oil price next year by 12%, citing abundant production in the United States.
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