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2016 Oil Price Projections

first_img Global crude oil prices have fallen more than 65% in the last 18 months and are following a long-term falling trend. Rising US crude oil inventories and rising production from OPEC are affecting the crude oil market. Oil prices are trading close to historic lows.Bearish traders could see support at $34 per barrel. Prices tested this mark in December 2015. This was the lowest crude oil price since 2009. Record production from the United States to Russia could drag crude oil prices lower. In contrast, demand from India and lower oil prices could boost consumption and support oil prices. Bullish traders could see resistance at $40 per barrel.Historically, higher production capacities of OPEC member nations have negatively affected crude oil prices. OPEC’s production capacity is expected to increase in 2016 with Iran’s move to scale up production. Meanwhile, Iran forecasts that crude oil could trade between $35 and $50 per barrel in 2016. Crude oil prices might not increase to more than $60 per barrel in the next four years.The mega glut in the oil market, OPEC’s loss of power as a cartel, and slowing demand led to the oil price collapse in 2015, and it could continue in 2016. The last four times crude oil prices had a sharp rebound, it was followed by a recession.The EIA (U.S. Energy Information Administration) estimates that WTI crude oil prices could average $51 per barrel in 2016. Brent crude oil prices could average $56 per barrel in 2016. Danske Bank estimates that crude oil prices could test the $25 per barrel mark before crude oil producers get serious about curbing oil production. Citigroup suggests that Brent and WTI oil prices could average $48 per barrel in 2016.The lower oil prices affect the margins of oil producers like PetroChina (PTR), Occidental Petroleum (OXY), Apache (APA), Royal Dutch Shell (RDS.A), Total (TOT), and Petrobras (PBR). They also affect ETFs like the iShares US Oil & Gas Exploration & Production ETF (IEO) and the PowerShares DWA Energy Momentum Portfolio (PXI). SHARE SHARE Home Energy 2016 Oil Price Projections Facebook Twitter Previous article2015 Year in ReviewNext articleWhat Will You Eat in 2016? Gary Truitt 2016 Oil Price Projections Facebook Twitter By Gary Truitt – Jan 4, 2016 last_img read more

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Savills snaps up two independent NW businesses including leading new-build specialist

first_imgSavills has snapped up two independent agencies in Manchester and Cheshire and say the purchase is part of a plan to expand its presence in the North West of England.The £736-million international firm has acquired sales, lettings and property management company Case McNair as well as the Knutsford branch of a similar agency, Meller Braggins, adding to its existing tally of branches in Manchester, Wilmslow and Chester.The larger of the two deals is the acquisition of Case McNair, which operates across the huge Greater Manchester area and has a rental portfolio worth more than £200 million. It specialises in the region’s booming new-build 100+ unit rental market and employs 15 staff.New northern bossManaging Director John-Paul Case will be remaining with the business and will head up Savills’ northern metropolitan lettings business.His former employees will initially remain at their branch on Bridge Street in Manchester before transferring to Savills city centre office next year.“Case McNair has an excellent reputation in Manchester and internationally and this acquisition provides a strategic opportunity for us to expand the services we offer in the area, complementing our existing residential development sales business operating out of our Manchester office,” says Jane Cronwright-Brown, head of the lettings division at Savills (left).The acquisition of Meller Braggins; Knutsford branch, is being handled differently. Its senior team including managing director Nigel Lammas will join Savills while their former business will be run by Charlie Kannreuther, who has a six-year track record at Savills. Meller Braggins has four remaining branches in Wilmslow, Northwich, Stockton Heath and Macclesfield.Charlie will be supported by Rebecca Postles and Tom Burke will head up the lettings department.John-Paul Case Meller Braggins Nigel Lammas Savills Savills acquisition Case McNair October 11, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Savills snaps up two independent NW businesses including leading new-build specialist previous nextAgencies & PeopleSavills snaps up two independent NW businesses including leading new-build specialistCase McNair and Knutsford branch of Meller Braggins are soon to be subsumed into Savills’ operation in the region.Nigel Lewis11th October 201802,257 Viewslast_img read more

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