-
Oil-producing countries met today in Qatar to discuss a possible freeze of production to counter low global prices, but Iran's last-minute decision to stay home could dilute the impact of any agreement.
-
Leading oil producers, including Saudi Arabia, will meet in Qatar on Sunday to discuss an output freeze to support oil prices.
-
A week after WTI crude oil fell to its lowest level in more than a decade, some oil industry stakeholders appear to be hard at work trying to find reasons why the worst is over for crude.
-
Speaking to CNBC-TV18, Virendra Chauhan of Energy Aspects said that he expects Brent to trade around USD 34 per barrel for the first quarter of this year and prices to gradually increase over the next 3-6 months.
-
A slide in the US equity markets, which have for weeks been trading in tandem with oil, also weighed on crude, traders said.
-
While Moscow may consult OPEC oil ministers before their six-monthly meeting next week, the chances of it helping to halt the price slide remain slim.
-
Earlier, oil prices rose slightly, with some investors keen to buy at what they perceive to be bargain levels, but persistent gluts of crude and refined fuel kept gains slight.
-
Oil prices drifted lower today in rangebound trading as dealers looked for fresh direction after the US central bank signalled it would keep its record-low benchmark interest rates on hold.
-
US crude futures for July shed 7 cents to USD 60.38 a barrel as of 0009 GMT after closing up 53 cents in the previous session.
-
Both Brent and West Texas Intermediate oil prices spiked on the news that the organization's output target would remain at 30 million barrels a day.
-
High production by the Organization of the Petroleum Exporting Countries (OPEC), but also from US shale producers and Russia, has contributed to oversupply and left tankers filled with millions of barrels of oil without buyers.
-
US oil prices are heading into a sweet spot that could spur the fracking industry to crank up some of the drilling it shut down when crude prices collapsed.
-
European shares opened higher, shrugging off falls in Asia after early gains there, driven by a hefty cut in the amount of cash Chinese banks must hold in reserves, faded.
-
Brent crude was trading at USD 63.73 per barrel at 0748 GMT, down from an intraday peak of USD 64.34, while US crude for May delivery was at USD 56.14 a barrel, down from an earlier high of USD 56.65.
-
Top oil producer Saudi Arabia has raised pricing for its crude shipments to Asia, the kingdom's biggest market, in a sign of increased demand. However, a global supply glut remains a dampener for any rally.
-
US benchmark West Texas Intermediate (WTI) advanced 47 cents to USD 50.89 a barrel and Brent added 51 cents to USD 56.06 in late-morning trade.
-
With markets sensing OPEC will keep its production unchanged despite huge global oversupply, the price of benchmark Brent crude oil fell USD 2 to a 50-month low under USD 76 a barrel.
-
Brent has fallen for eight weeks in a row, its longest weekly losing streak since records began in 1988, based on Reuters data. It has lost nearly 7 percent so far this week.
-
Tension in Libya, where gunmen seized the major El Sharara oilfield, and the recent low oil prices have attracted some investors back to the market, analysts said, although the US data was the bigger factor.
-
Top crude exporter Saudi Arabia wants an oil price of around USD 100 a barrel and would like to see global inventories rise before demand picks up in the second half of the year, Oil Minister Ali al-Naimi said on Sunday.
-
Brent crude oil fell towards USD 112 a barrel on Tuesday in a fifth day of losses as economic slowdown on both sides of the Atlantic deepened fears of lower oil demand at time of ample supply from major oil producers.
-
Saudi Arabia can meet any future world oil shortages thanks to massive investment, and its rising gas output will mean crude exports will not be affected by booming domestic energy demand, Oil Minister Ali al-Naimi said on Monday.
-
High oil prices represent a potentially major burden for importers with global economic recovery still fragile, leading OPEC ministers said on Monday.
-
Brent crude fell to USD 123 on Monday and U.S. crude dropped by more than $1 on fears that high prices were hurting demand, after a cut in output from oil exporter Saudi Arabia, which said the market was over-supplied.
-
Global oil prices are expected to continue to stabilise in 2011, Saudi Arabia's oil minister said on Monday, but expressed concern over market speculation, which he said was driving the prices away from fundamentals.
