A team of banking and technology managers and former U.S. regulatory commissioners said on Monday that they are launching the world’s first regulatory compliant cryptocurrency backed by a physical asset—OilCoin, which will be based on oil reserves. OilCoin’s public token sale, also known as the initial coin offering (ICO), is expected to begin in January… Read more »
Monthly Archives: December 2017
Baker Hughes: US rig count ticks up 2 units to 931
The US drilling rig count climbed for the fifth straight week with a 2-unit gain to 931 rigs working during the week ended Dec. 8, data from Baker Hughes indicate. The pair of rigs are both oil-targeted, bringing the total to 751 from a week ago. Gas-directed rigs remain unchanged from a week ago at… Read more »
Oil Prices Could Jump To $80 Next Year
Strong global economic growth and Saudi Arabia bringing a risk premium to oil prices could send Brent oil prices surging to $80 next year, more than 25 percent compared to current prices, according to economist Jim O’Neill, a former chairman of Goldman Sachs Asset Management. At 11:59am EST on Monday, Brent Crude was down 0.79… Read more »
Saudi Oil Minister Hints At Post OPEC Deal Strategy
OPEC and Russia-led non-OPEC oil producers left any ‘exit strategy’ talk out of their agreement to extend the production cut pact through the end of 2018 last week, and now Saudi Arabia’s Energy Minister Khalid al-Falih fed the market some hints about what OPEC would do after the cuts. Unless sudden oil market developments occur,… Read more »
