On Wednesday, the central banks of Europe, the United States, Britain, Canada, Japan and Switzerland reduced the rates that banks must pay to borrow money. Oil prices were further boosted to above $101 a barrel when China confirmed it would loosen its monetary policy. The Wall Street Journal reported Wednesday that China had been trying to tackle inflation by slowing its economy, which would cut demand for oil in the nation that has been the “engine of growth for global oil demand growth.” China is second only to the U.S. in oil consumption.
The AP reported Thursday:
The moves sparked a jump in global equities, which oil traders closely watch as a barometer of overall investor sentiment. The Dow Jones industrial average soared 4.2 percent on Wednesday and most Asian stock markets rose sharply Thursday.
Signs of weak U.S. crude demand kept prices from rising further. The Energy Department’s Energy Information Administration said Wednesday that oil and gasoline supplies grew last week, as imports rose and refineries slowed down because of weak demand.
“The bearish shocker was the whopping 5 million barrel build in distillate stocks that was much above our expected unchanged level,” energy consultant Ritterbusch and Associates said in a report.
Natural gas, the AP noted, rose 1.8 cents, to $3.57 per 1,000 cubic feet.
The WSJ, however, reported about noon Friday that while it appeared the oil futures rally would continue on a drastic drop in U.S. unemployment to 8.6 percent, those gains may be curbed on news of a stronger dollar.
Light, sweet crude for January delivery was up two cents to $100.22 a barrel in midday trade on the New York Mercantile Exchange. The contract traded as high as $101.56 a barrel earlier in the session.
Brent crude on ICE Futures Europe was up 19 cents, or 0.2%, to $109.18 a barrel.
Futures lost their earlier momentum after the dollar advanced to fresh session highs against the euro. Investors abandoned the single currency as rumors swirled over an imminent downgrade of Spain's sovereign-debt rating.
Authorities said that a Chevron Corp. subsidiary was still releasing natural gas Sunday from a pipeline off the Louisiana coast where a Saturday incident killed a maintenance worker.
Meet the WWMB Class of 2014, extraordinary women guiding our exceptional community
Software development center represents third such project in Hub City this year.
Elizabeth Abdalla and Abform are poised for a new era of growth.
Lafayette’s most highly regarded attorneys were honored by their own at the Hall of Fame Banquet sponsored by the Lafayette Bar Association.
Collaboration and relationships give you the help you want — and the help you need.
A look at recent promotions, hirings and recognitions from Acadiana's business community.
Who doesn’t like grilled cheese?
There has been much progress in the 50 years since the Civil Rights Act was passed, but there is still work to be done.
Amid widespread criticism, two former U.S. senators say they are not lobbying Congress on behalf of a shady Russian bank, although a federal disclosure suggests otherwise.
Banks are the ones taking the financial hit for retail security breaches, and that just doesn’t seem fair.
It’s time to embrace a new regional model for economic development.
The state labor department figures released Friday show the initial claims decreased to 1,961 from the previous week's total of 2,237. For the comparable week a year earlier, there were 2,190 claims.
Hurry, rush to Jersey’s Daiquiris Sports Bar in Broussard for a cold one because at noon tomorrow its license is suspended for two months by the state!
The feds say Donald Domingues reported $259,725 as income and paid $64,909 in taxes but he allegedly failed to mention a $351,000 sales commission, which would have bumped his income up to just over $610,000 and his tax liability to $186,000.
Year-to-date sales are outpacing 2013 by 4.7 percent.
“The connector is a crucial part of the larger I-49 South project from Lafayette to New Orleans that would convert U.S. 90 into an interstate-quality roadway.” — U.S. Sen. Mary Landrieu
Despite what was said at a coastal forum in New Orleans last month, oil and gas insiders contend a settlement is not in the stars for the massive lawsuit filed against nearly 100 energy companies by the Southeast Louisiana Flood Protection Authority-East.
Environmentalists, fishermen and others are celebrating a federal judge's ruling that could mean $18 billion in additional fines for BP over the nation's worst oil spill.
St. Louis-based Perficient Inc. says it will establish a software development center in Louisiana that is expected to create 245 jobs.
U.S. District Judge Carl Barbier's ruling Thursday could nearly quadruple the amount of civil penalties for polluting the Gulf of Mexico with oil from BP's Macondo well in 2010.
Co-founder Ryan Trahan goes solo to keep it local.
Halliburton's agreement to pay more than $1 billion to settle numerous claims involving the 2010 BP Gulf of Mexico oil spill could be a way for the company and victims of the spill to avoid years of costly litigation — if all the pieces fall into place.
BP says it recently obtained correspondence between Patrick Juneau's Lafayette law firm and the Gulf Coast Claims Facility showing he argued for liberal compensation, flexible documentation requirements and other terms that would help Louisiana claimants at BP's expense.
A replacement is expected by January to fill the vacancy left when Greg Roberts resigned after allegedly pointing a fake gun at an engineer during a June meeting.