The oil industry has an overwhelmingly gloomy economic outlook, expecting recession in the next year, less demand for fuel and lower oil prices, a survey of delegates to a major industry conference showed this week.

Seventy-seven percent of participants at the annual Oil & Money conference on Tuesday and Wednesday in London said the chances of another recession in the world's developed economies of the OECD were high with only 23 percent seeing them as low.
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Crude oil climbed to the highest level in two weeks as the leaders of Germany and France pledged to stem the European sovereign-debt crisis.

Futures rose as much as 3.8 percent after German Chancellor Angela Merkel and French President Nicholas Sarkozy said yesterday they will deliver a plan to recapitalize the region’s banks and address the Greek crisis by Nov. 3. The euro surged against the dollar after the announcement. U.S. employers added more workers in September than forecast, a report showed Oct. 7. Read more »

After following the equity markets and the euro down on Monday and Tuesday, the oil markets reversed on Wednesday climbing 5.3 percent in NY to close at $79.68 and 3 percent in London to close at $102.73. Major impetus for the price reversal was an unexpected drop of 4.7 million barrels in US crude inventories vs. an anticipated gain of 1.5 million barrels. The move was supported by a rise in the equity markets and a pair of economic reports that were slightly better than expected. Read more »

New online researcher HeatingOilShopper.com has released a study outlining alarming trends in US oil consumption and production.

 
Research provider Heating Oil Shopper  launched a collection of heating oil and energy related resources today September 28, 2011 including this graphic and accompanying guide, which revealed that while the US consumes over twice the oil of the next biggest consuming country, they create nearly half as much crude oil as they consume. Read more »