Oil prices rallied from four-month lows on Thursday but the recovery was cautious with investors concerned that OPEC-led supply cuts were not yet reducing record U.S. crude inventories. Brent crude, the international benchmark for oil, was trading at $51.02 a barrel by 1112 GMT, up 38 cents on the day and rebounding from Wednesday’s slide […]
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Nigeria, which again lost its Africa’s top oil producer status to Angola in January, has recorded further decline in its crude oil production, a new report from the Organisation of Petroleum Exporting Countries has indicated. OPEC, in its Monthly Oil Market Report for March 2017, put crude oil production from Nigeria at 1.526 million barrels […]
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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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Nigeria may lose the oil production exemption granted it and Libya by the Organisation of Petroleum Exporting Countries (OPEC) as a result of production disruptions, report revealed. These disruptions were occasioned by attacks on infrastructure in the two countries. Nigeria’s exemption may have to go because the peace moves of the Federal Government in the […]
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O il prices were little changed for a third session on Tuesday, with investors searching for direction as concern over rising U.S. shale output offsets production cuts by OPEC and non-OPEC members. Brent crude was down 9 cents, or 0.1 percent, at $55.92 a barrel as of 0745 GMT, with a firmer dollar, unchanged against […]
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Oil prices settled up on Monday, as Saudi Arabia’s commitments to reducing production offset a report forecasting U.S. output would again rise this year. The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million bpd from Jan. 1 in an attempt to […]
Read More Oil prices are on track for their biggest annual gain since 2009 after the OPEC grouping and other major producers agreed to cut crude output to reduce a global supply overhang that has depressed prices for two years. U.S. benchmark West Texas Intermediate (WTI) crude futures were up 6 cents at $53.83 a barrel by […]
Read More Oil prices extended gains on Tuesday in post-Christmas trading, as OPEC and non-OPEC members are set to start curbing output in less than a week to support oil prices. NYMEX crude for February delivery was up 16 cents at $53.18 a barrel by 0002 GMT, after closing up 7 cents at a 17-month high on […]
Read More OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of […]
Read More Oil prices eased early in Asia as crude output rises in virtually every major export region despite plans by OPEC and Russia to cut production, triggering fears that a fuel glut that has dogged markets for over two years might last well into 2017. International Brent crude oil futures were trading at $54.55 per barrel […]
Read More 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 […]
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