Oil prices recovered some lost ground on Monday after big losses last week, driven by expectations that OPEC will extend output cuts till the end of 2017, although a relentless rise in U.S. drilling capped gains. Brent crude futures rose 54 cents by 0920 GMT to $52.50 per barrel. U.S. West Texas Intermediate (WTI) crude […]
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A joint committee of ministers from OPEC and non-OPEC oil producers recommended extending by six months a global deal to reduce oil output, a draft press release from their meeting on Sunday showed. OPEC and rival oil producers are meeting in Kuwait to review progress with their global pact to cut supplies. The Organization of […]
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Oil tumbled on Tuesday after OPEC reported a rise in global crude stocks and a surprise output jump from its biggest member, Saudi Arabia, further pressuring prices that have now erased nearly all gains since OPEC announced output cuts in November. Even though OPEC made an upward revision to its global demand outlook, signs of […]
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Oil prices rose on Monday, but gains were minimal as investors gauged whether an increase in U.S. drilling and record stockpiles would undermine efforts by producers to cut output and bring the market into balance. Brent futures were up 1 cent at $55.82 a barrel at 0050 GMT, while U.S. West Texas Intermediate crude rose […]
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Oil prices edged down on Wednesday as the market waits to see how OPEC and non-OPEC members carry through on planned supply cuts in the new year. International Brent crude futures were trading down 7 cents, or 0.12 percent, at $56.02 a barrel at 0722 GMT after closing the previous session up 93 cents. U.S. […]
Read More Oil steadied above $55 a barrel on Tuesday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday. Jan. 1 is the official start of the deal agreed by the Organization of Petroleum Exporting Countries and several non-OPEC producers to […]
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Oil prices edged higher on Friday, steady above $51 a barrel, with Brent crude on track for its biggest weekly rally since 2009, following OPEC’s decision to cut crude output in order to rein in a global glut. After the deal was announced on Wednesday, the market will focus on the implementation and impact of […]
Read More Oil swept to a six-week high on Thursday, lifting energy shares in its slipstream, after OPEC agreed to cut crude output to clear a glut, while bond yields rose on prospects that resulting inflationary pressures will lead to higher interest rates. European stocks slipped into the red, however, shrugging off the bounce in Asian shares […]
Read More Oil prices were little changed on Thursday ahead of next week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) to discuss implementation of its proposed cap on production. Brent crude futures settled up 5 cents at $49.00 a barrel. U.S. West Texas Intermediate (WTI) crude was up 2 cents at $47.98 at 1928 […]
Read More Oil prices fell sharply on Monday to touch a one-month low on doubts about OPEC’s ability to implement its planned production cut, while global equity prices were shaky as Wall Street struggled to build on a sentiment boost from a string of M&A deals. The dollar recovered some ground, shaking off concerns linked to an […]
Read More Oil fell for a third day on Wednesday, nearing $50 a barrel for the first time in three weeks, as investors grew increasingly doubtful that OPEC members will agree to cut output and as U.S. inventories staged a surprisingly large increase. Iraq, the second-largest member of OPEC, does not want to join in with a […]
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