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OPEC and its allies agree to deepen oil production cuts by a further 500,000 barrels per day
Author: TCBAlejand
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OPEC and its allies agree to deepen oil production cuts by a further 500,000 barrels per day
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Market Sentiment Buoyed as ECB Signaled to Ease Further in December
Risk appetite soared as ECB signaled further easing in December. While acknowledging existing asset purchase program is “proceeding smoothly” and would “continue to have a favorable impact”, the central bank indicated that it’s concerned about the growth prospects in emerging markets and persistent decline commodity prices.
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Market Sentiment Buoyed as ECB Signaled to Ease Further in December -
World Economy Enters a Low Oil Price Era
Crude oil prices had a dramatic year in 2014 as the rapid buildup of US shale production and the reluctance of the OPEC to cut output sent supply much higher, to an extent that was unable to be absorbed by global demand. The WTI crude futures plummeted -46% last year while the Brent crude contract declined -48%. Both contracts slumped to the lowest level since 2009. (WTI: US$52.44; Brent: US$ 55.81).
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World Economy Enters a Low Oil Price Era