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.
Thursday’s explosion aboard an oil production platform in the Gulf of Mexico is now under investigation by the Bureau of Safety and Environmental Enforcement.
Money from the first and only settlement so far in a Louisiana flood board's lawsuit against dozens of energy companies will be placed in a special account dedicated to coastal restoration.
BP is heading to a federal appeals court in its effort to oust the administrator of damage settlement claims arising from the 2010 Gulf of Mexico oil spill.
The 59-41 Senate vote was one shy short of the 60 needed to clear the House-passed measure.
Spot bonuses to employees who go above and beyond on projects one of several reasons national mag calls BR-based biz bank a cool place to work.
The Director Search Committee interviewed the five men still in the running via video last week and is set to trim the field this week.
Telecom’s decision to halt deployment to more than 100 cities while it awaits net-neutrality rules appears to be little more than a temper tantrum.
Environmental (and political) junkies got a double fix when The Lens hosted a discussion between its environmental writer and the lead attorney in the levee board suit.
Follow The IND to hear Lens environmental reporter Bob Marshall's interview with Gladstone Jones, the lead attorney in the lawsuit against the oil and gas companies for coastal damages.
The $35B deal leaves the burning question about what it will mean for the thousands of these two service giants' local employees.
Broussard & David set up shop at the corner of Jefferson and Vermilion.
in light of falling oil prices, Forbes asks, “Will there be more?”
Lake Charles lets Acadiana companies in on the action as our neighbor to the west prepares for unprecedented growth.
A new study analyzes the state of the Lake Charles region and the impact 19 industrial projects will have on residents.
A U.S. magistrate judge calls “garbage” on behavior of attorneys for Progressive Waste Solutions.
The Lafayette food truck scene is slowing down but not stopping.
Lake-area financial institutions seeing green.
As the Lake Charles region ramps up for record-setting growth, ABiz lays out the challenges and opportunities ahead for South Louisiana.
Who was hired and promoted in Acadiana business?
Louisiana’s Ragin’ Cajuns are driving innovation in Louisiana.
The boom is coming, and McNeese is ready for it.
It’s time for Lafayette and Lake Charles to embrace “coopertition.”
We can make Acadiana — in reality and reputation — the best place in the South for a great career in an idyllic family environment.
Lake Charles’ technical community college wasted no time developing programs to prepare the area’s workforce.
With the help of WISE grant funding, SLCC is poised to help meet the region’s exploding demand for skilled workers.