Oil prices edged lower on Tuesday, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries. Brent crude futures fell 29 cents to $99.74 a barrel by 0002 GMT, with WTI crude futures down 22 cents at $93.67 a barrel. The slide came after Brent … Read more
Oil prices dropped early on Monday as investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments. Brent crude futures dropped 63 cents, or 0.6%, to $103.34 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was at $97.87 a barrel, down 75 cents, or 0.7%, after … Read more
Oil bulls are starting to picture a world in which China, the engine of demand growth, comes back to the market. And if their analysis is right, the summer is going to be painful for oil consumers everywhere who’re already facing spiraling prices — whether that’s Americans paying about $5 a gallon gasoline, or Brits … Read more
Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as worries about tightening supplies underpinned prices ahead of an impending European Union embargo on Russian oil. This week, we saw crude oil prices jump by almost around 10% from Monday’s low in both international as well as … Read more
British Prime Minister Boris Johnson began lobbying Saudi Arabia and the United Arab Emirates to pump more oil to calm markets roiled by Russia’s invasion of Ukraine as he met the Gulf states’ leadership on Wednesday. Johnson arrived in Abu Dhabi for talks with Crown Prince Mohammed bin Zayed and was then due to fly … Read more
British Prime Minister Boris Johnson stressed the need to work together to stabilise global energy markets in talks with United Arab Emirates’ de facto leader Crown Prince Mohammed bin Zayed al-Nahyan on Wednesday, Johnson’s office said. Johnson met the prince on the first stop of a visit to the Gulf as part of efforts to … Read more
HONG KONG: Share markets were jittery in early Asia on Wednesday as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations. MSCI‘s broadest index of Asia-Pacific shares outside Japan slid 0.24%, while Japan’s benchmark Nikkei … Read more
By Davide Barbuscia, Saeed Azhar and Yousef Saba Saudi Arabia could have a credibility problem if it keeps shifting the goal posts for the amount of foreign investment it wants to turn its vision of a future beyond into a reality, financial sources and analysts said. Five years since Crown Prince Mohammed bin Salman launched … Read more
London: The Organization of Petroleum Exporting Countries (OPEC)) and its key allies decided at a meeting on Monday to stick to planned moderate increases in output for November despite market expectations that the alliance would further boost production in order to dampen soaring crude prices. A statement released after the brief videoconference meeting of the … Read more
FRANKFURT: Oil prices jumped Monday after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November. The decision Monday by the Vienna-based oil cartel tracks with its established schedule of adding back that amount of oil every … Read more