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.
Mellow Mushroom Pizza Bakers opens on Johnston.
Acadiana's Top 50 Private Companies
It would be an understatement to say Schumacher Group had a challenging year in 2013.
Hampton Toyota has been serving Acadiana as the premier Toyota dealership for more than 10 years. And now, the glossy Johnston Street dealership is looking forward to a makeover.
Even when Floyd Degueyter is on “vacation” he’s hard at work.
As the second largest metal heat treating company in the country, Analytic Stress Relieving Inc. has grown by leaps and bounds since its inception in 1979.
When the Prohibition era came to an end in 1933, Joseph R. Streva saw an opportunity to make a little extra money to supplement his day job.
When a hurricane hits, Brent Mouton doesn’t run. The convenience store chain owner is proof that the challenges of mother nature can almost break a business, but Mouton learned to grow out of temporary closure from near devastation in 2002 and of lost potential revenue.
By launching a Super PAC to end all Super PACs, our Top 50 keynote speaker hopes to change the game in Washington.
Oil Center-based private facility extends its offerings with special events venue in failed women’s store.
One year later, is his expansion plan paying off?
Newspaper industry insiders question John Georges’ expansion plan.
How the U.S. has gotten itself into another fine mess
The Heymann Center was transformed into a culinary adventure in mid-June for the EatLafayette kick-off event, A Taste of Lafayette, and for the third consecutive year, a sellout crowd filled the Cajundome Convention Center June 19 to hear LEDA chief Gregg Gothreaux’s State of the Economy report.
A look at recent hirings, promotions and other announcements from Acadiana's business community.
Anne Pyle puts a bow on a stellar, expectations-defying career with her latest venture.
The company currently has 10 branches throughout Louisiana, including an Ambassador Caffery location which opened last year.
Lawmakers have added $15 million to the attorney general's budget to pay for Louisiana's ongoing legal case against BP for damages caused by the 2010 Gulf oil spill.
The state's jobless rate rose to 5 percent in June from 4.9 percent in May. Louisiana's unemployment rate was 6.4 percent in June 2013.
Long-established private club opening special events venue in failed women’s store at Kaliste Saloom Road and Camellia Boulevard.
High-dollar legal teams are preparing to spar in federal court over the regional levee authority’s historic lawsuit against oil and gas companies, but a panel of volunteers could preempt those efforts when they meet in August.
May sales, the highest on record for the month at $534 million, increased 6.1 percent over May 2013.
Trendy Shi Shi is heading to the Ranch, longtime retail institution Partners’ Ltd. is relocating to Parc Lafayette, and ariel artist haven Vertical Barre is moving downtown.
There’s another debit/credit card scam making the rounds — the second this year — this time via a robo call purportedly from MidSouth Bank.
The 2014 Louisiana Annual Sales Tax Holiday exempts the first $2,500 of the purchase price of each eligible item for non-business use when the customer buys and accepts delivery of eligible property or places property on layaway.