The Organisation of Petroleum Exporting Countries and 10 non-member countries on Thursday agreed to extend cuts in oil production by nine months to March 2018 in a bid to further stem the global glut of crude in the market and prop up prices. However, the deal failed to impress the market as the global oil […]
Read More
Oil prices rose on Wednesday, supported by increasing confidence that an OPEC-led production cut aimed at tightening the market would be extended through the rest of 2017 and the first quarter of next year. Brent crude futures at 0147 GMT were up 13 cents from their last close at $54.28 per barrel. U.S. West Texas […]
Read More OPEC ministers are to head to Vienna this week where they are expected to ratify an extension of the current production cuts that has been agreed informally among the key participants. Saudi Arabia and Russia announced earlier last week that they have agreed on the need to extend OPEC and non-OPEC output cuts for a further […]
Read More Oil futures rose in early trading on Friday on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains. Brent crude was up 12 cents at $52.63 at 0006 GMT, after settling up half a percent on Thursday. […]
Read More Oil prices rose on Tuesday, extending gains after a joint announcement by top producers Saudi Arabia and Russia to push for an extension of supply cuts until the end of March 2018. Brent crude futures were at $52.05 per barrel at 0129 GMT, up 23 cents, or 0.44 percent, from their last close. U.S. West […]
Read More
Crude oil production in the nation rose by 274,000 barrels per day last month, the biggest increase among its peers in the Organisation of Petroleum Exporting Countries. But the increase was not enough to help the country regain the status of Africa’s top oil producer from Angola, which it lost in recent months. OPEC, in […]
Read More Oil prices fell by as much as a further 3 percent on Friday, after prices had crashed to five-month lows in the previous session, as concerns about global oversupply wiped out all of the price gains since OPEC’s move to cut output. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $44.14 per […]
Read More Oil fell to its lowest since late November on Thursday, as concern over rising global supply and stubbornly high inventories effectively wiped out most of the gains made since OPEC announced its first supply cut in eight years. Brent crude oil futures broke below $50 a barrel for the first time since late March, hitting […]
Read More 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 […]
Read More
Brent oil extended gains into an eighth straight session on Wednesday, having recovered nearly all last month’s losses, after Saudi Arabia was said to be pushing its fellow OPEC members and some rivals to prolong supply cuts beyond June. Brent crude futures were up 23 cents by 1130 GMT at $56.46 a barrel, having touched […]
Read More Oil prices fell on Friday after a three-day rally ran out of steam due to a stronger dollar, promising to notch up the oil market’s worst-performing quarter since 2015 as investors fret that growing U.S. supplies are undermining OPEC-led cuts. Brent crude futures have made the biggest losses across global asset classes this quarter. In […]
Read More
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 […]
Read More
