Oil prices rose more than 1 percent on Friday on bullish U.S. employment data that tempered fears about a decline in global crude demand and on expectations that an escalating conflict in Libya could tighten oil supplies. U.S. West Texas...
Read moreTop oil exporter Saudi Arabia is expected to keep prices of various grades of crude it sells to Asia little changed in May from the previous month, trade sources said on Tuesday. State-owned Saudi Aramco may cut the official selling price (OSP)...
Read moreBudget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded...
Read moreOil prices rose on Wednesday, with U.S. crude topping $60 a barrel for the first time in about four months, after government data showed the American stockpiles of crude oil and refined fuels plunged last week. WTI has rallied 32 percent this...
Read moreOPEC and other major oil producers on Monday canceled a meeting planned for April, leaving the alliance’s price-boosting production cuts in place until at least June. The group is delaying its decision because it expects the oil market to...
Read moreOil prices hovered close to 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy. U.S. West Texas Intermediate (WTI)...
Read moreOil prices rose on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela’s oil exports. U.S. West Texas Intermediate (WTI) crude oil futures were at $53.60 per barrel at 0219 GMT, up 50...
Read moreTop oil exporter Saudi Arabia would need oil priced at $80-$85 a barrel to balance its budget this year, an International Monetary Fund official said. Riyadh’s breakeven oil price depends on several factors, including the level of oil...
Read moreThe rebalancing of the oil market will be “gradual”, the International Energy Agency said on Friday, as production cuts by Opec and Russia are offset by swelling US supply and an uncertain demand outlook. While Saudi Arabia leads global...
Read moreOPEC slashed production in December, delivering a bullish signal to the market one month before the producer group officially began a fresh round of output cuts. Last month, OPEC struck a deal with Russia and nine other nations to keep 1.2...
Read moreOil prices rose on Tuesday, supported by hopes that demand may rise more quickly if talks between U.S. and Chinese officials resolve the trade dispute between the world’s two biggest economies. A possibility that OPEC-led supply cuts could...
Read moreOil on Monday continued its rise to mark an increase of more than 8 per cent since the beginning of the year as the market absorbs cuts in Opec production that come into force this month. Brent, the international benchmark, climbed as much as 3.3...
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