Oil markets were unstable early today Wednesday ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014. U.S. West Texas Intermediate (WTI) crude futures were at $45.38 a barrel at 0019 GMT, […]
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Oil prices slide on Friday, dragged by a strong dollar and uncertainty over whether OPEC will agree to cut production at the group’s meeting next week, but benchmark contracts were on track to close the week with gains close to 4 percent. Brent crude futures were trading at $48.55 a barrel at 1046 GMT, down 45 […]
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 […]
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Oil on Friday fell by their biggest weekly percentage decline since January of around 9 percent as signs of tensions resurfaced between Saudi Arabia and Iran that could scupper a key supply cut pact. Traders also noted a surge in U.S. crude inventories last week and muted demand continued to weigh on futures. Old disputes […]
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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Oil prices fell as much as 2 percent on Monday on news of the impending restart of Britain’s Buzzard oilfield, and U.S. crude slid below $50 per barrel, which triggered technical selling. Earlier, oil was pressured by news that Iraq wanted to be exempt from a production cut by the Organization of the Petroleum Exporting […]
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Opec’s secretary general Mohammed Barkindo said “Algeria was a turning point” for the 14-country producer group, which agreed last month to cut oil production to bolster crude prices. According to Financial Times, After two years of letting prices spiral lower to put pressure on rival producers, such as US shale companies, Opec is now seeking […]
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A massive oil glut may weigh on world markets deep into next year unless the OPEC producer cartel makes good on its promise to cut output, the International Energy Agency (IEA) said on Tuesday. The oil price has recovered steadily since OPEC said last month that it would reduce production, with details to be hammered […]
Read More The Organisation of Petroleum Exporting Countries (OPEC) lost over $1trillion in revenues from the drop in crude prices globally, the Secretary-General of the body, Mohammad Sanusi Barkindo, has said. The OPEC chief, in a chat with reporters at the ongoing meetings of the International Monetary Fund (IMF)/The World Bank Group in Washington DC, said the […]
Read More OPEC producers have their sights set on a sustained oil price of $50-$60 per barrel, a modest ambition for the first cut in supply by the oil exporting group in eight years, says one of the industry’s top forecasters. Benchmark U.S. oil prices CLc1 have risen around $4, or around nine percent, to over $48 […]
Read More OPEC oil output is likely to reach its highest in recent history in September, a Reuters survey found weekend, as Iraq boosted northern exports and Libya reopened some of its main oil terminals. The increase comes despite lower output in top exporter Saudi Arabia and this week’s agreement by the Organization of the Petroleum Exporting […]
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