Oil prices rise Oil prices are moving up because of the conflict between Iraq and Kurdistan, but Neil Wilson, senior market analyst at ETX Capital says they will not go much higher. Quoted inthe Guardian, Wilson predicts that neither side will want to disrupt oil production for long. Oil is an important source of revenue in the region. The price of crude oil has risen above $58, but it is not likely to reach $59. However, wider disruption in the Middle East could push it higher. The Kurdistan region produces about ten percent of Iraq’s oil production and the continuing problems are likely to push prices higher. Vauxhall loses 400 jobs Vauxhall’s Ellesmere Port plant is to cut a shift. This will result in about 400 job losses, according the PSA. The company says that this is about keeping competitiveness in the current market and that the Astra cars are not as popular as SUV style vehicles.
Disclaimer: Text produced for academic purposes, not to give investment guidance.
Questions What could result in oil going above $59? Why are Vauxhall cutting a shift at Ellesmere Port? What is changing in your industry?
Highlight text for definitions conflict – disagreement, fighting neither – no one in a group of two crude – unprocessed disruption – events that make production difficult to cut a shift – to move to one less shift a shift – a time when people are working (dayshift/nightshift) a shift – a group of people working at a particular time competitiveness – the ability to compete/do business SUV – sports utility vehicles, usually looking like 4x4s
Future forms There are three uses of the ‘will’ future in the text – can you find them? Are they making predictions about what might happen, or describing definite plans for the future?