View more on these topics

Oil price hits seven month high

Crude oil prices rose above $70 per barrel today, the highest they have reached for seven months, on signs that global demand may be rising.

Prices jumped after the American Petroleum Institute (API) said American oil reserves fell by 5.96m barrels last week. This is far higher than the 400,000 barrels analysts had anticipated.

The steep drop leaves total reserves at 357.9m, their lowest level since March, and suggests global demand for the commodity may have bottomed, prompting refineries to increase production.

Such was the speed of the recovery in crude prices, more than doubling since they hit $32.40 in December last year, that the Kuwaiti oil minister said today the Organization of the Petroleum Exporting Countries (Opec) could increase supply in September if prices reach $100 per barrel. If they remain around $75 per barrel, however, supply will remain steady, he said.

Recommended

Mundy gets co-manager on Global Special Sits

Mark Wynne-Jones has been made co-manager on the Investec Global Special Situations fund alongside Alastair Mundy.Wynne-Jones has been a part of Investec Asset Management’s contrarian team of managers since he joined in August 2005.Before that he worked as head of UK research at UBS Wealth Management and also spent time at Cavendish Asset Management as […]

8

The waiting game

Why does the unit trust industry manage to transfer funds in five working days almost without fail, while insurers choose to stall annuity transfers for as long as five months with blatant disregard for their customers?

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com