AMSTERDAM: Oil prices rose 1 percent on Thursday, clawing back some of the losses made a day earlier, but US crude is on track for the steepest monthly losses in more than a year on demand concerns after floods knocked out a quarter of US refining capacity. Prices also rallied in the oil products markets, with US gasoline futures RBc1 hitting a two-year high above $2 a gallon, buoyed by fears of a fuel shortage just days ahead of the Labor Day weekend that typically brings a surge in driving. Hurricane Harvey, which…
DUBAI/LONDON: Two years after triggering an oil price war, Saudi Arabia has seemingly had enough of cheap crude amid budget pressures, fear of a future supply shortage, and as it seeks to offload a stake in state-owned producer Aramco. The change in tone comes as OPEC and other producers such as Russia may resume talks on stabilizing output when they meet in Algeria later this month, after a similar effort to boost oil prices collapsed in April due to Saudi-Iranian tensions. "The Saudis are going to Algeria for a…
SINGAPORE: Oil prices suffered fresh losses in Asian trade Monday as the fallout from last week's decision by Britain to leave the European Union batters confidence and ushers in a period of uncertainty.
SINGAPORE: Oil prices fell more than one percent in Asia Tuesday, extending a sell-off on speculation about a pick-up in production while world markets are rattled by fears over Britain's possible exit from the European Union.
SINGAPORE: Oil prices fell in early trading on Monday, pulled down by rising economic concerns in Asia and a related strengthening in the U.S. dollar, which makes fuel imports for countries using other currencies more expensive.
SINGAPORE: Oil turned higher in Asia Wednesday, but the US benchmark remained below $44 a barrel as a pick-up in the dollar and rising Iranian crude production limited gains, while traders await the release of inventories later in the day.
SINGAPORE: Oil prices tumbled further in Asia Tuesday on dwindling hopes that key producers will reach an agreement to freeze output when they meet this month to discuss a global supply glut.
LONDON: Oil fell around 3 percent on Monday after Iran dashed hopes of a coordinated production freeze any time soon, returning bearish sentiment over a supply glut that has sent prices crashing.