Oil falls on bulging U.S. crude inventories, ample global supplies

SINGAPORE - Oil prices resumed their downward trend on Wednesday as data showed a rise in U.S. crude inventories and record supplies in the rest of the world cast doubt on OPEC's ability to cut supplies and tighten the market.

U.S. West Texas Intermediate (WTI) crude oil futures were trading down 13 cents, or 0.3 percent, at $49.43 per barrel at 0416 GMT, after ga

Russia may raise oil output if sees no risks of price fall - Ifx

MOSCOW  - Russia is ready to keep its oil production stable, but may increase output if it feels that prices are unlikely to fall as a result, the Interfax news agency quoted Deputy Prime Minister Arkady Dvorkovich as saying on Tuesday.

Dvorkovich said a fragile balance has been reached in the global oil market, which should not be disturbed by any "sharp mo

Crude oil surges on production cut hopes from OPEC

Crude oil futures were trading higher during noon trade in the domestic market on Monday as investors and speculators build up fresh bets in the energy commodity on hopes that OPEC will extend a pledge to slash output to cover all of 2017 to restore balance to a market dogged by oversupply.

However, US drillers added oil rigs for the 14th week in a row, to 688 rigs, extending an 11-mo

Oil recovers lost ground, but market remains under pressure

SINGAPORE  - Oil prices recovered lost ground on Monday following big losses last week, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains.

U.S. West Texas Intermediate (WTI) crude oil futures added 32 cents, or 0.64 percent, by 0649 GMT, but were still just below the

Russia says to discuss extending oil cut with OPEC on May 24

By Osamu Tsukimori

TOKYO - Russian Energy Minister Alexander Novak said on Friday a decision on extending a global pact to cut oil production had not yet been taken, but would be discussed with OPEC on May 24.

The Organization of the Petroleum Exporting Countries and other leading oil producers have pledged to curb output by 1.8 million barrels per day (bpd)

OPEC cut doubts put oil on track for biggest weekly drop in a month

By Ron Bousso

LONDON - Oil held near $53 a barrel on Friday, but was on course for its biggest weekly drop in a month due to doubts that an OPEC-led production cut will restore balance to an oversupplied market.

Brent futures were at $53.01 a barrel at 1107 GMT, up 2 cents from their last close and set for a 5.15 percent weekly drop, their biggest fall since

Murky oil inventory picture leaves market grappling for clarity

By Henning Gloystein and Libby George

SINGAPORE/LONDON - The jury is still out over whether an OPEC-led production cut aimed at tightening oil markets is working, or if the producer club has simply enabled higher prices without making much of a dent in the global fuel supply overhang.

Analysts say there are early indications that at least some inventori

21/04/2017 10:55:40 AM | Posted in Commodity Top News read full news
Oil dips, on course for biggest weekly drop in a month

By Ron Bousso

LONDON - Oil prices edged lower on Friday, on course for the biggest weekly drop in a month, over doubts that an OPEC-led production cut will restore balance to an oversupplied market.

Front-month Brent futures were at $52.87 a barrel at 0820 GMT, down 12 cents from their last close and set for a 5.4 percent weekly drop, the most since the week

Saudi Arabia, Kuwait signal likely extension of oil output cut

By Rania El Gamal, Roslan Khasawneh and Richard Mably

ABU DHABI - Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal on Thursday that OPEC plans to extend into the second half of the year a deal with non-member producers to curb supplies of crude.

Consensus is growing among oil producers that a supply restraint pact that started in Januar

20/04/2017 12:30:04 PM | Posted in Commodity Top News read full news
After years of soaring growth, Asia's fuel demand falters

By Henning Gloystein

SINGAPORE - After years of often explosive growth, fuel consumption in Asia's biggest economies is stuttering, undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to end a global supply glut and lift prices.

Gobbling up over a third of global supplies, Asia is the world's biggest and fastest gr

Brent oil rises for eighth day on possible extension to supply cut

LONDON - Brent oil extended gains into an eighth straight session on Wednesday, having recovered nearly all last month's losses, after Saudi Arabia was said to be pushing its fellow OPEC members and some rivals to prolong supply cuts beyond June.

Brent crude futures were up 23 cents by 1130 GMT at $56.46 a barrel, having touched a one-month high of $56.65 earlier.

EXCLUSIVE - OPEC figures show oil output cuts exceed pledge in March: sources

By Rania El Gamal and Alex Lawler

DUBAI/LONDON - OPEC states cut oil output in March by more than they pledged under supply curbs, according to figures the exporter group uses to monitor its supply, extending a record of higher-than-expected adherence to its first production cut in eight years.

The Organization of the Petroleum Exporting Countries agreed to

12/04/2017 10:12:44 AM | Posted in Commodity Top News read full news
OPEC over-delivers on oil cuts in March, but sees more from rivals

By Libby George and Ahmad Ghaddar

LONDON - OPEC countries cut oil output in March by more than they pledged, according to figures the group published in a monthly report on Wednesday, as it sticks to an effort to clear a supply glut that has weighed on prices.

But the Organization of the Petroleum Exporting Countries also raised its forecast of oil supplies

Oil prices hit one-month highs as buyers stay upbeat

By David Gaffen

NEW YORK  - Oil prices rose by 1 percent on Thursday, posting a fourth straight day of gains, but analysts remained cautious about record-high U.S. crude inventories.

Brent crude futures settled up 53 cents, or 1 percent, at $54.89 a barrel. U.S. West Texas Intermediate crude futures rose 1.1 percent, or 55 cents a barrel, to $51.70.

Oil hits one-month high near $55 on tighter supplies

LONDON - Oil hit a one-month high near $55 a barrel on Wednesday as a fall in U.S. crude inventories raised hopes OPEC-led supply cuts were clearing a glut, while an outage at the largest UK North Sea oilfield lent support.

U.S. crude inventories fell by a more-than-expected 1.8 million barrels last week, American Petroleum Institute data showed on Tuesday. The focus

Iraq has pledged to fully comply with oil cut deal, OPEC chief says

By Ahmed Rasheed

BAGHDAD - Iraq has assured OPEC it will fully comply with an agreement to cut oil supply in order to bolster crude prices, OPEC Secretary General Mohammed Barkindo said on Sunday in Baghdad.

Iraq's compliance stands now at 98 percent, the nation's oil minister Jabar al-Luaibi told reporters, after addressing a conference in the Iraqi

Oil retreats, set to become first quarter's worst-performing asset

By Jessica Resnick-Ault

NEW YORK - Oil prices fell on Friday after a three-day rally ran out of steam as a higher U.S. rig count signalled rising production from shale, contributing to the global supply glut.

Prices have been locked within a range during the first quarter as traders searched for signals that the Organisation of the Petroleum Exporting Countr

OPEC compliance with oil curbs rises in March as UAE joins cut - surveyLONDON/DUBAI

By Alex Lawler and Rania El Gamal

LONDON/DUBAI - OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies while maintenance and unrest cut production in exempt nations Nigeria and Libya.

The reduction by the UAE has helped boost OPEC compliance t

Oil steady on Libya disruptions, bloated U.S. stockpiles

By Christopher Johnson

LONDON - Oil prices steadied on Thursday after two days of increases as bloated U.S. inventories limited the impact of supply disruptions in Libya and lower supply from other OPEC exporters.

Brent crude oil was unchanged at $52.42 a barrel by 0825 GMT. U.S. light crude oil was up 5 cents at $49.56.

Both benchmark crude c

Oil rises on Libya disruption, likely extension to OPEC output cut

By Ahmad Ghaddar

LONDON  - Oil prices extended gains on Wednesday despite industry data showing an increase in U.S. crude inventories, lifted by supply disruptions in Libya and views that an OPEC-led output reduction is likely to be extended.

Front-month Brent crude futures rose 41 cents to $51.74 a barrel by 0929 GMT.

West Texas Intermediate

Oil jumps on Libyan disruption, OPEC deal extension hopes

By Devika Krishna Kumar

NEW YORK - Oil prices rose as much as 2 percent on Tuesday after a severe disruption to Libyan oil supplies and as officials suggested OPEC and other producing countries could extend an output-cuts deal to the end of the year.

Armed factions have blocked production at the western Libyan oilfields of Sharara and Wafa, reducing output b

Crude oil futures rise 0.96% on global cues

Crude oil futures were trading higher during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the energy commodity on weakness in the US dollar.

However, crude continued to be dragged down by rising US production and uncertainty over whether an OPEC-led supply cut is big enough to rebalance the market, restricted further rise i

Oil rises on weak dollar, but bloated supply still weighs

By Henning Gloystein

SINGAPORE  - Oil prices rose on Tuesday, supported by a weaker dollar, but crude continued to be weighed down by surging U.S. production and uncertainty over whether an OPEC-led supply cut is big enough to rebalance the market.

Prices for front-month Brent crude futures, the international benchmark for oil, had gained 18 cents from

The DNA of oil wells - U.S. shale enlists genetics to boost output

By Ernest Scheyder

HOUSTON - A small group of U.S. oil producers has been trying to exploit advances in DNA science to wring more crude from shale rock, as the domestic energy industry keeps pushing relentlessly to cut costs and compete with the world's top exporters.

Shale producers have slashed production costs as much as 50 percent over two years, wag

Oil lower again on doubts over duration of output cut

By David Gaffen

NEW YORK  - Oil resumed its slide on Monday as investors remained uncertain whether producing nations would extend an OPEC-led output cut beyond the end of June in an effort to reduce a global glut of crude.

On Sunday, a committee of ministers from OPEC and outside producers agreed to look at prolonging the deal, stopping short of an ear