Malcolm Graham-Wood, senior advisor, at VSA Capital, tells CNBC that the BP stake in Rosneft gives them access to the Russian artic but they are now being dictated to by Vladimir Putin.» Read More
Inflation in the world’s top oil exporter Saudi Arabia has slowed to a four-year low of 5 percent in 2011, despite a significant ramp-up in government spending in the wake of the Arab Spring.
China grows, Spain sells bonds, rating agencies predict a Greek default - it's time for your FX Fix.
The Iranian Foreign Ministry has confirmed it has received a letter from the United States concerning the Strait of Hormuz, “via three different channels.” Authorities were considering whether to reply, although the contents of the letter were not divulged.
As Europe and the US tighten sanctions on Iran, China remains the largest buyer of Iranian oil and has played down economic sanctions as an effective way to influence Tehran. The CSM reports.
Azlin Ahmad, Editor, Crude Oil, Argus Media Limited, Singapore, says there is no major disruption to oil supply currently. She adds the downgrades of European nations by the S&P has put a cap on oil price gains.
As long as it stays with talk, there is sufficient supplies and alternative options that I am not overly concerned with the bottom line, says Nansen Saleri, Quantum Reservoir Impact president/CEO.
Richard Ilczyszyn, IITrader.com, says Hormuz is just a politically motivated ploy and sees oil falling further and could test its Dec.16th lows of $92.77. Also, the trade on metals, with the Fast Money traders.
European refiners have started to sever links with Iran, stopping spot purchases of crude ahead of a European Union meeting later this month that could impose a full oil embargo on Tehran, the FT reports.
Japan and South Korea are seeking new suppliers of crude oil to lessen their dependence on Iran, in response to US pressure to stop buying from the country. The Financial Times reports.
Chinese trade data lifts currencies down under, and short covering lifts the euro from Monday's lows — it's time for your FX Fix.
The tensions over Iran and threats from the West to apply sanctions on Iranian oil will see crude prices facing more of an upside risk in the near future, a commodities analyst told CNBC.
Iranian President Mahmoud Ahmadinejad’s five-day tour of Latin American countries comes at a time of rising tensions with the United States and growing international isolation. The US State Department described Iran’s search for friends as “desperate,” while US Treasury Secretary Timothy Geithner is expected to ratchet up the pressure in a visit to China and Japan.
Michael Langford, Proprietary Trader at StreamTrading.com in Sydney discusses where commodity markets are headed in 2012.
Iran has begun uranium enrichment at a new underground site built to withstand possible airstrikes, a leading hard-line newspaper reported Sunday in another show of defiance against Western pressure to rein in Tehran's nuclear program.
The Governor of the Central Bank of Iran (CBI) has not stepped down despite rumors to the contrary, according to comments carried by the semi-official Fars news agency.
Under growing pressure from the United States, some of Asia’s largest economies are reluctantly looking for options to reduce the amount of oil they buy from Iran. The New York Times reports.
Crosscurrents from Europe, a gaggle of Fed speakers and the start of earnings season in the coming week will provide a critical test for markets in the new year.
Oil prices could spiral out of control and potentially herald deeper economic hardship for Europe if the European Union joins the US in banning Iranian oil imports, analysts warned on Friday.
Alejandro Barbajosa, Oil Markets Specialist at Argus Media discusses the ability of major consuming nations to cope if Iran follows through on it's threats to blockade the strait of Hormuz, and says that the worst-case scenario would be a sudden, severe knee-jerk reaction which would, however, be short-lived.
Threats from Iran to disrupt oil shipments through the Strait of Hormuz continue, and light sweet crude is bumping up against its 10-month high, John Kilduff, Again Capital, and Edward Morse, Citi, discuss.