Oil steady as Brent crude hovers below $50 ahead of OPEC meeting

SINGAPORE - Oil prices were little changed on Friday ahead of a key meeting of major oil producing nations next week, with Brent sitting below the $50 per barrel level that was briefly breached for the first time in six weeks in the previous session.

International benchmark Brent crude futures were at $49.28 per barrel 0501 GMT, down 2 cents from their last close.

21/07/2017 11:41:09 AM | Posted in Commodity Top News read full news
Oil steady after drop in fuel stocks stokes demand hopes


Oil prices were steady on Thursday, holding gains made the previous session after falling U.S. crude and oil product inventories lifted the market.

Brent crude futures, the international benchmark for oil prices, stood at $49.72 per barrel at 0939 GMT, 2 cents up from their last settlement.

U.S. West Texas Intermediate (WTI) crude

20/07/2017 12:04:01 PM | Posted in Commodity Top News read full news
Oil dips on rising U.S. crude inventories, high OPEC supplies

SINGAPORE  - Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang.

Brent crude futures, the international benchmark for oil prices, were at $48.81 per barrel at 0259 GMT, down 3 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futur

OPEC agrees on Saudi official as new head of research

By Rania El Gamal and Alex Lawler

DUBAI/LONDON  - OPEC's board of governors chose Saudi Arabia's candidate to be the group's new head of research in an appointment that went smoothly, two OPEC sources said on Tuesday, a sign political tension between Gulf members is not affecting decision-making.

Saudi Arabia's Ayed al-Qahtani was up aga

Interview: Oil cuts working, market in balance by end-March - Kuwait minister

KUWAIT - The world oil market is taking longer than expected to rebalance but the glut should go by the end of March and OPEC need not take further action to curb supplies for now, Kuwait's oil minister said.

Essam al-Marzouq also told Reuters there was no need for the Organization of the Petroleum Exporting Countries to hold an extraordinary meeting before its sc

Oil "stuck in range" as ample supply meets firm demand

NEW YORK - Oil markets steadied on Tuesday, supported by firm demand but weighed down by high supplies from OPEC and producers in the United States.

Benchmark Brent crude was up 20 cents at $48.62 a barrel by 0920 GMT. U.S. light crude oil was 15 cents higher at $46.17.

"We're stuck in a range that, I think, will be tough to break out of without som

Cheaper options knock Gulf's share of Indian June oil imports to 19-month low

By Nidhi Verma and Florence Tan

NEW DELHI/SINGAPORE - India's reliance on Middle East oil imports shrunk in June to the smallest since October 2015 as the world's third-biggest importer tapped other sources amid OPEC supply cuts, ship tracking data from industry sources and data available on Thomson Reuters Eikon showed.

India's imports of Middle

14/07/2017 12:57:46 PM | Posted in Commodity Top News read full news
Oil edges lower on high fuel inventories, industry efficiency

By Henning Gloystein and Aaron Sheldrick

SINGAPORE  - Oil markets edged lower on Friday amid high fuel inventories and improving industry efficiency, but remained on track for a solid weekly gain,

Brent crude futures, the international benchmark for oil prices, were down 19 cents, or 0.4 percent, at $48.23 per barrel at 0709 GMT. They have risen about 3

14/07/2017 10:56:55 AM | Posted in Commodity Top News read full news
IEA says OPEC compliance with oil cuts at lowest in six months

LONDON - OPEC's compliance with production cuts fell in June to its lowest levels in six months as several members pumped much more oil than allowed by their supply deal, thus delaying market rebalancing, the International Energy Agency said on Thursday.

OPEC's compliance with cuts slumped to 78 percent last month from 95 percent in May as higher-than-allowed

Nigeria to put off deciding whether to join OPEC cuts, minister says

ABUJA - Nigeria supports OPEC's efforts to stabilize oil prices, but it wants to wait before deciding whether join the cartel's cuts in oil production, its oil minister said on Wednesday.

"Hopefully, in the next two to three months we can see how predictable the production return has been and then can say we feel stabilized and need to make the correspond

Oil prices dip as OPEC expects less demand for its crude

By Henning Gloystein

SINGAPORE - Oil prices dipped on Thursday as producer club OPEC said it expected demand for its crude to decline next year as rivals pump more, pointing to a market surplus in 2018 despite efforts to tighten supply.

A drawdown in U.S. fuel inventories and strong demand from China prevented prices from falling further.


OPEC, non-OPEC July meet to take no decisions: Algeria energy minister

ISTANBUL - A joint meeting of OPEC and non-OPEC nations in Russia later this month will only discuss the oil market but will take no decisions, Algerian Energy Minister Mustapha Guitouni said on Wednesday.

"The (global oil output cut) decision had already been taken until March 2018," he said during an international energy forum. "Algeria's current

12/07/2017 3:22:36 PM | Posted in World Market More News read full news
Exclusive: Saudis to cut August oil exports to lowest level this year - source

DUBAI - Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment, a Saudi industry source said.

"There is strong demand for our crude but we are sticking to our OPEC commitments," the source, who

OPEC figures show June oil output rise led by exempt nations - sources

By Rania El Gamal and Alex Lawler

OPEC oil output has risen in June by more than 300,000 barrels per day, (bpd) according to figures the exporter group uses to monitor its supply, as a recovery in two nations exempt from a supply cut deal countered high compliance by many others.

The Organization of the Petroleum Exporting Countries agreed to cut output by about 1.2 million

There are no new agreements on global oil output pact: Kremlin

MOSCOW- There are no new agreements on the global oil output cut between OPEC and non-OPEC members such as Russia, Kremlin spokesman Dmitry Peskov told reporters on Monday.

Last week, Russian President Vladimir Putin said that Russia planned to keep cooperating with other countries to harmonise global energy markets and reduce price volatility.

Asked whether

Libya, Nigeria may attend OPEC, non-OPEC July meeting

ISTANBUL - Libyan and Nigerian officials may attend a joint meeting between OPEC and non-OPEC nations later this month as oil producers look for ways to cap rising production to help support oil prices.

Both countries have boosted production since they were exempted from an OPEC-led deal to cut output, weighing on global prices. This has prompte
Oil rises slightly, but growing global supply a worry
NEW YORK  - Oil prices rose modestly on Monday, but rising drilling activity in the United States and uncertainty over Libyan and Nigerian production cuts clouded the future supply outlook.
U.S. crude futures were up 0.7 percent at $44.51 a barrel at 12:36 p.m. (1636 GMT), while Brent crude futures rose 0.6 percent to $47 a barrel.
10/07/2017 11:33:38 AM | Posted in Commodity Top News read full news
Oil could hit $60 before year-end -Barron's, citing Citi analyst

Accelerating world oil demand and reduced supply from the Organization of the Petroleum Exporting Countries (OPEC) could push crude prices up to $60 a barrel before the end of the year, according to a report from Barron's.

The report cites research from Citigroup senior energy analyst Eric Lee, who previously called for a bear market in oil when the price was above $100. The decli

OPEC delegates encouraged by Russian comments on adjusting oil cut deal

By Alex Lawler

LONDON  - OPEC delegates said on Friday they were encouraged by Russia's openness to talking about changes to an OPEC-led deal to cut oil supplies, opening the door to more steps being considered to clear a global supply glut.

OPEC and allied non-OPEC producers such as Russia agreed to limit oil supply into 2018, but crude prices have

Oil prices drop 3 percent on rising global supplies

By Julia Simon

NEW YORK - Oil prices settled nearly 3 percent lower on Friday as rising U.S. production as OPEC exports hit a 2017 high cast doubt over efforts by producers to curb global oversupply.

Brent crude  settled down $1.40, or 2.9 percent, at $46.71 a barrel, after falling to $46.28, its lowest in more than a week.

U.S. West Texas Int

Russia's Novak says global oil pact working, no new steps needed

MOSCOW - Russian Energy Minister Alexander Novak said a global pact by OPEC, Russia and other producers to cut oil output had dampened price volatility and was reducing bloated inventories, so no immediate extra measures were needed to prop up prices.

The minister also told Reuters there was potential for an oil price rise from current levels and that $50 to $60 was &

Oil rises after U.S. inventory drop but outlook remains gloomy


Oil rose on Thursday, recovering some ground after a surprisingly upbeat picture of U.S. demand halted the previous day's steep slide, although the prospect of oversupply in 2018 has prompted yet more analysts to cut their price forecasts.

Brent crude futures were up 71 cents on the day at $48.50 a barrel. The price fell as much as 4.6 percen

Asia shares shaky, oil recovers after slump on OPEC export rise

SINGAPORE- Asian shares were tentative on Thursday after minutes from the Federal Reserve's last meeting showed a lack of consensus on the future pace of interest rate increases, while oil prices inched higher following the previous day's steep declines.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed early on Thursday.

Oil dips on OPEC supply rise, but political risk supports

SINGAPORE - Oil dipped on Wednesday, pulled down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices.

Brent crude futures, the international benchmark for oil prices, were at $49.55 per barrel at 0456 GMT, down 6 cents, or 0.1 percent, from their last c

Oil rises more than 2 percent as U.S. crude output slows

By Julia Simon

NEW YORK - Oil rose more than 2 percent on Monday, resuming its longest stretch of daily gains in more than five years after data pointed to diminished U.S. output, though analysts said news of rising OPEC production could cap gains.

Brent crude futures  closed up 91 cents, or 1.9 percent, to $49.68 a barrel. The price rose 5.2 percent la