Oil Prices Now at 6-Year Low
U.S. and global benchmarks for crude oil prices have both dropped to their lowest level since early 2009.
#economics
U.S. and global benchmarks for crude oil prices have both dropped to their lowest level since early 2009.
West Texas Intermediate crude fell to $47.36 per barrel on Monday. Brent crude dropped to $45.90.
Some analysts expect prices to hover around $40 per barrel through the first half of 2015 compared with $110 last June. Traders say prices aren't likely to rise significantly until U.S. shale companies or the Organization of the Petroleum Exporting Countries cut production. Both groups say they have no plan to do so.
RELATED CONTENT
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.