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Energy

Brent Crude Retreats Toward $100

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By Douglas A. McIntyre Published
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Futures for Brent crude continue to move closer to $100. Saudi Arabia’s oil minister said that the $100 level would be ideal for his nation’s finances, and, he believes those of the portion of the world that imports oil. Also weighing on futures is the financial fate of the EU and the growing recession there.

For the time being, the beneficiaries of the drop in prices are large consuming nations like the US, China, and India. The crippled economy in Europe has more than offset concerns about supply because of tensions over Iran, and lower output from refineries. But, the apparent advantage for the US cuts another way. The slowdown in Europe which has pushed oil down means that US exports to the same regions will begin to fall. Corporate earnings for the first quarter from a number of multinationals show the process has already begun.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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