Although oil prices fell 51 cents in light trading Monday to settle at $91 per barrel on the New York Mercantile Exchange, analysts at J.P. Morgan and Morgan Stanley are predicting a return to $100 oil in the new year.
Monday, the first day after the Christmas break, oil prices slid on China’s decision over the weekend to raise its benchmark lending rate to combat rising inflation — a move likely to not only cool the country’s economy but also to cut its appetite for energy, the Associated Press reports. U.S. stocks also fell in early trading after the weekend’s interest rate hike, China’s second attempt in three months to slow the pace of its economic growth. Inflation there reached a two-year high in November.
By 10:53 this morning, crude for February delivery had gained 20 cents. Bloomberg reports that the small change comes amid a mixed economic picture in the United States: consumer confidence unexpectedly decreased in December yet retailers had their best holiday sales in five years. Bloomberg notes that the Conference Board’s confidence index fell to 52.5, less than the lowest forecast in a Bloomberg New survey of economists, while holiday sales rose 5.5 percent from Nov. 5 to Dec. 24, based on MasterCard’s SpendingPulse report, which tracks payments.
Despite that prices are down so far this week, “the market is really getting limber for a sprint come January,” said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. World oil demand is still expected to increase in 2011, and OPEC indicated over the weekend that it wouldn’t raise production.
Halliburton says it has agreed to pay $1.1 billion to settle a substantial portion of plaintiff claims arising from the 2010 Gulf of Mexico oil spill.
The Houston firm said Friday in its weekly report that 1,575 rigs were exploring for oil and 338 for gas. One was listed as miscellaneous. A year ago there were 1,776 active rigs.
It will be next month before Gov. Bobby Jindal will likely get a chance to change the membership of a South Louisiana flood board that is suing dozens of oil, gas and pipeline companies.
Newly established honor recognizes outstanding local attorneys; Neuner and McGoffin win President's Award; and Blanchard named Outstanding Young Lawyer.
Daily paper constructing new digs near production plant on Rieger Road at Siegen Lane, near I-10.
Investigation finds Arnaud’s Furniture, Carroll Building Specialties and Crazy Charlie’s Shoes running misleading going-out-of-business sales.
Critics say workers and retirees are being held responsible for the Jindal administration's mismanagement of their program.
Potenza Marketing makes fastest-growing companies list.
Local 101 class Friday
“Byzantine” is the word members of the nominating committee for the local flood protection authority often use to describe the complicated, multi-layered matrix of qualifications that must be met to fill a vacancy on that board.
In the Pelican State, Benjamin Franklin buys you about $109 worth of stuff.
Brittan Bush joins Liskow & Lewis, Blake David installed as the Third District Member of the Louisiana State Bar Association’s board of governors, and Simien & Miniex announces 2014 scholarship winners.
“In some cases, we’ve found that these parts are nothing more than used junk yard parts. In others, we’ve found them to be foreign knock-off parts of questionable quality.”
The old Daily Advertiser building on Jefferson Street is being rehabbed as the owner prepares to move it back into commerce.
Its fourth leader gone after two years on the job, the facility struggles to balance the tension between its two missions.
Hub City Cycles hits the ground running through small-business center opportunity.
The future of the coastal loss lawsuit could rest in hands of board’s nominating committee.
Leaders from the local tech community ponder the question: What's missing from Acadiana's tech ecosystem?
AT&T’s U-verse heads our way. Here’s what it means for you.
LITE’s virtual environments are changing the way local employees learn how to do their jobs.
Local tech gurus will go the distance to call Lafayette home.
A look at recent hires, promotions and other news from Acadiana's business community.
New Johnston Street eatery catapults to No. 1 spot in nearly 200-location chain.
By identifying companies that match the output of its post-secondary educational institutions, Lafayette is creating opportunities that keep highly trained graduates in the area.
Gideon’s Promise lauds G. Paul Marx’s work to improve the quality of indigent defense and helps train five new public defenders.