July 10, 2015

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Business July 10, 2015

Forecast Says Oil Price Could Fall Amid Weak Demand

Stacked rigs are seen along with other idled oil drilling equipment at a depot in Dickinson, N.D., last month. The International Energy Agency forecasts a continued drop in oil prices amid overproduction and falling global demand.

Stacked rigs are seen along with other idled oil drilling equipment at a depot in Dickinson, N.D., last month. The International Energy Agency forecasts a continued drop in oil prices amid overproduction and falling global demand. Andrew Cullen/Reuters/Landov hide caption

itoggle caption Andrew Cullen/Reuters/Landov

Oil prices have further to fall before bottoming out amid a surge in production, mainly by OPEC nations, and a weakening of global demand, according to the International Energy Agency’s latest forecast.

In the second quarter of 2015, the world’s supply of oil was 96.39 million barrels a day, outstripping demand of 93.13 million barrels a day, according to the IEA’s Oil Market Report, which described the world oil market as “massively oversupplied.”

But it cautions that: “The market’s ability to absorb that oversupply is unlikely to last. Onshore storage space is limited. So is the tanker fleet. New refineries do not get built every day.”

The report says demand in 2016 will likely remain low.

Reuters reported Friday that the price per barrel of Brent crude oil is up 7 cents at $58.68, but that so far this month the international benchmark has lost more than 7 percent.

The IEA notes that a slowdown in demand this year comes as supplies from the Middle East, Russia and the U.S. are at or near a peak. It says its forecast for a rebalancing “has shifted a bit, but the storyline has not changed. The supply response to lower prices is on the way.”

The Wall Street Journal writes:

“World events could further rock the market, the IEA said. Iran is close to a deal with world powers that would lift crippling sanctions on the Islamic Republic in exchange for curbs on its nuclear program. That would open much of the West to Iranian crude exports again, bringing as much as 1 million new barrels a day into the market. The country could raise exports immediately out of 40 million barrels currently stored on its vessels, the IEA said.

?”If Greece were to exit the eurozone, it could lead to depressed demand there and throughout Europe, the IEA said.”

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Sports July 10, 2015

Women's Soccer Team Earns Ticker-Tape Parade In NYC — And A Return To No. 1

Well ahead of the ticker-tape parade's 11 a.m. start time, young fans were already in place along the route to celebrate the U.S. women's World Cup victory.

Well ahead of the ticker-tape parade’s 11 a.m. start time, young fans were already in place along the route to celebrate the U.S. women’s World Cup victory. Adam Hunger/AP hide caption

itoggle caption Adam Hunger/AP

Marking the first time any women’s team has been celebrated in New York’s famed Canyon of Heroes, thousands of fans turned out Friday for a parade honoring the U.S. women’s soccer team’s record third World Cup title.

The ticker-tape parade comes on the heels of another U.S. achievement: a return to the No. 1 spot in FIFA’s rankings that were released this morning.

In claiming the top spot, the U.S. women dethroned Germany, whom they beat in the World Cup semifinals. The team is also continuing a remarkable streak: Since FIFA created its world rankings for women in 2003, the Americans’ average position is No. 1, according to soccer’s global governing body.

We love you, NYC! #BestFansInTheWorld #USWNTParade pic.twitter.com/jyBiXKRkqf

— U.S. Soccer WNT (@ussoccer_wnt) July 10, 2015

Today’s parade lasted a bit more than an hour, with Carli Lloyd, Abby Wambach and the rest of the 23-member team waving to screaming fans as they made their way from lower Manhattan’s Battery Park to City Hall.

The last time a female athlete was honored with a ticker-tape parade in New York was back in 1960, when figure skater Carol Heiss Jenkins won Olympic gold at age 20.

This week, Jenkins wrote an open letter congratulating the women’s soccer team, saying she had watched their games on TV — and adding that one of her granddaughters has earned a college scholarship for soccer.

“If you believe in something, write it down, because if you believe it, then it becomes a goal,” she wrote. “Young girls have to have dreams and believe in those dreams in order to make them happen.”

Say cheese! We were just in the first-ever ticker-tape parade honoring an all-female team! #SheBelieves #USWNTParade pic.twitter.com/uXiwSj7Btn

— U.S. Soccer WNT (@ussoccer_wnt) July 10, 2015

Jenkins concluded her note:

“Enjoy the moment. Look up at the buildings and the people above. The cheering fans should make you realize your accomplishment transcends just a score in a soccer game. Take it all in, as it goes by fast. This moment in time is very well-deserved, and I hope your day is as magical as the one I enjoyed back in 1960.”

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