With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning so far: its members have earned more money this […]
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Oil prices were flat on Monday after diving 13 percent since late May as rising production in the United States, Libya and Nigeria have foiled an OPEC-led effort to support the market by cutting production. Brent futures for August were down 4 cents, or 0.1 percent, at $47.33 a barrel by 11:39 a.m. EDT (1539 […]
Read More Oil prices dipped on Monday, weighed down by a continuing expansion in U.S. drilling that has helped to maintain high global supplies despite an OPEC-led initiative to cut production to tighten the market. Signs of faltering demand have also prompted weakening sentiment, dropping prices to levels comparable to when the output cuts were first announced […]
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Oil prices on Friday bounced up off the year’s lows as some producers reduced exports and U.S. rig additions slowed, but the rebound was modest and crude posted its fourth weekly decline on persistent concerns about global oversupply. Brent crude futures rose 45 cents to settle at $47.37 per barrel and U.S. West Texas Intermediate […]
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Oil prices dropped to six-week lows on Thursday, under pressure from high global inventories and doubts about OPEC’s ability to implement agreed production cuts. Brent crude oil fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows, before recovering a little to trade around $46.90 by 1345 GMT. […]
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Oil prices rose about 1 percent on Friday, bouncing a bit from steep falls earlier in the week as a declaration of force majeure in the country prompted some buying in a market still worried about the global crude glut. Brent crude oil was up 48 cents at $48.34 a barrel by 12:17 p.m. EDT […]
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Oil prices fell on Tuesday on concerns that output cuts by the world’s big exporters may not be enough to drain a global glut that has depressed the market for almost three years. Benchmark Brent crude dropped $1.10 a barrel, or more than 2 percent, to a low of $51.19 before recovering some ground to […]
Read More A run by U.S. oil prices towards $50 a barrel ran out of steam on Tuesday as persistent concerns of oversupply outweighed signs of a strong start to the American summer driving season. U.S. West Texas Intermediate (WTI) crude futures climbed above $50 per barrel in early trading on Tuesday, but dipped back to $49.77 […]
Read More Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply. Trading activity will be subdued on Monday due to public holidays in China, the United States and Britain. Brent crude futures were trading down 15 cents, or 0.3 percent, at $52.00 per barrel at 0253 GMT. […]
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The Organisation of Petroleum Exporting Countries (OPEC) on Friday, announced the appointment of Mr Olusegun Adekunle as the Alternate Chairman of the Economic Commission Board. OPEC made the announcement in a statement released in Abuja on Friday by Mr Idang Alibi, Director Press Ministry of Petroleum Resources. Alibi said: “In a welcome development, OPEC announced […]
Read More Oil prices edged back up on Friday after a 5 percent fall in the previous session on disappointment that an OPEC-led decision to extend current production curbs did not go deeper. At Thursday’s meeting in Vienna the Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend a pledge to cut around […]
Read More Africa’s third-biggest oil producer, Equatorial Guinea, has been accepted as a new member of the Organisation of the Petroleum Exporting Countries a source close to the country’s oil minister told a Reuters on Thursday. Equatorial Guinea said in January it was seeking to become OPEC’s 14th member and the sixth from Africa, an addition that […]
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