Oil prices hit 5-month highs, Brent settles above $70 on strong US jobs report and Libya conflict

Oil prices hit 5-month highs, Brent settles above $70 on strong US jobs report and Libya conflict

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...

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Saudi Arabia May Keep May Crude Prices Little Changed

Saudi Arabia May Keep May Crude Prices Little Changed

Top 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)...

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More Shale, Who Cares? Saudi Arabia Pushes for at Least $70 Oil

More Shale, Who Cares? Saudi Arabia Pushes for at Least $70 Oil

Budget 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...

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US crude settles at 4-month high after topping $60 for first time since November

US crude settles at 4-month high after topping $60 for first time since November

Oil 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...

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OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June

OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June

OPEC 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...

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Oil Ticks Over Near 2019 Highs Amid OPEC Cuts, but Economic Slowdown Applies Brakes

Oil Ticks Over Near 2019 Highs Amid OPEC Cuts, but Economic Slowdown Applies Brakes

Oil 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)...

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Oil Prices Rise on OPEC Supply Cuts, Venezuela Sanctions

Oil Prices Rise on OPEC Supply Cuts, Venezuela Sanctions

Oil 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...

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Saudi Arabia Would Need Oil at $80-$85 a Barrel to Balance Budget: IMF Official

Saudi Arabia Would Need Oil at $80-$85 a Barrel to Balance Budget: IMF Official

Top 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...

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Energy body points to ‘gradual’ rebalancing of oil market

Energy body points to ‘gradual’ rebalancing of oil market

The 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...

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OPEC oil production sinks in December as Saudis cut output more than expected

OPEC oil production sinks in December as Saudis cut output more than expected

OPEC 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...

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US crude jumps 2.6%, settling at $49.78, on trade talks and OPEC cuts

US crude jumps 2.6%, settling at $49.78, on trade talks and OPEC cuts

Oil 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...

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