Jun 06, 2018 10:40 AM IST
Falling production from Venezuela has contributed to a rally in global oil price Brent to nearly $80 a barrel. State firm PDVSA is considering declaring force majeure on some exports, three sources told Reuters, amid plummeting output from its oil fields and tanker bottlenecks at ports.
- Jun 06, 2018 07:43 AM IST
U.S. crude marked its lowest level in nearly two months on Tuesday after three OPEC and industry sources said the U.S. government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, although it has not requested a specific figure.
- Jun 05, 2018 07:41 AM IST
Brent crude futures added 15 cents, or 0.2 percent, to $75.44 a barrel at 0020 GMT, after settling down 2 percent at $75.29 a barrel on Monday.
- Jun 04, 2018 09:18 AM IST
"Crude oil remained under pressure as the market remained focused on the discussion between OPEC members about whether they should increase production later this year," ANZ said in a note.
- Jun 01, 2018 05:35 PM IST
The spread between Brent crude oil futures contracts and US WTI stood at its widest for three years on Friday with the latter set for a second consecutive week of declines as US oil output comes close to matching that of top producer Russia.
- Jun 01, 2018 10:40 AM IST
U.S. West Texas Intermediate crude lost 16 cents, or 0.2 percent, to $66.88 a barrel by 0423 GMT, after falling almost 2 percent on Thursday.
- May 31, 2018 07:37 AM IST
Brent crude was down 20 cents at $77.30 per barrel at 0041 GMT, after settling the last session up 2.8 percent.
- May 30, 2018 07:32 AM IST
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
- May 29, 2018 09:58 AM IST
Brent crude futures were up 31 cents, or 0.41 percent, at $75.61 a barrel at 0213 GMT, after settling at their lowest since May 8 at $75.30.
- May 28, 2018 08:56 AM IST
The euro bounced back from a 6-1/2-month low after the Italian president rejected a eurosceptic as a key economy minister, but his move was seen as triggering a possible constitutional crisis and opening the prospect of fresh elections, keeping the single currency fragile.
- May 24, 2018 09:05 AM IST
A surprise build up in crude oil inventories in the United States also weighed on prices, driving the spread between Brent crude and U.S. West Texas Intermediate (WTI) close to its widest in three years.
- May 23, 2018 03:32 PM IST
Oil marketing companies can also be asked to slow down the pace of increase in price revisions and absorb some of the cost
- May 23, 2018 10:15 AM IST
Brent futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014.
- May 22, 2018 07:48 AM IST
Brent crude futures were at $79.37 per barrel at 0110 GMT, up 15 cents, from their last close. Brent broke through $80 for the first time since November 2014 last week.
- May 21, 2018 01:03 PM IST
In India, an increase in crude oil prices brings with it higher inflows from the Middle East.
- May 21, 2018 09:33 AM IST
Brent crude futures were at $79.13 per barrel at 0121 GMT, up 62 cents, or 0.8 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.
- May 18, 2018 02:55 PM IST
OPEC's most influential energy minister, Saudi Arabia's Khalid al-Falih, said in a Twitter post that he had called his counterparts in the United Arab Emirates, the United States and Russia, as well as major oil consumer South Korea, to "coordinate global action to ease global market anxiety".
- May 18, 2018 12:30 PM IST
"Our commodities team expects oil prices to continue to rise over the course of this summer, before moderating slightly at the end of the year. We recently increased our 2018-19 current account deficit (CAD)forecast to 2.4 percent of GDP (from 2.1 percent of GDP earlier)," Goldman Sachs said in a research note.
- May 18, 2018 08:59 AM IST
But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.
- May 17, 2018 09:30 PM IST
Brent crude futures reached an intraday high of USD 80.18 a barrel before receding to USD 79.67 at 1326 GMT.
- May 17, 2018 08:05 AM IST
Brent crude futures were at $79.32 per barrel at 0027 GMT, up 4 cents from their last close.
- May 15, 2018 07:37 AM IST
Brent crude futures , the international benchmark for oil prices, were at $78.37 per barrel at 0028 GMT, up 14 cents from their last close and not far off a three-and-a-half year high of $78.53 a barrel reached the previous session.
- May 14, 2018 08:34 AM IST
Still, crude prices remained near more than three-year-highs reached last week as markets expect Iran's oil exports to fall significantly once U.S. sanctions bite later this year.
- May 11, 2018 02:45 PM IST
The United States plans to reintroduce sanctions against Iran, which pumps about 4 percent of the world's oil, after abandoning a deal reached in late 2015 that limited Tehran's nuclear ambitions in exchange for the removal of U.S. and European sanctions.
- May 10, 2018 07:06 PM IST
Countries like Saudi Arabia and Israel support US’s decision to exit the deal and stand to benefit both economically and politically from the sanctions