Oil prices firm as reduction in supply overshadows demand worries

Oil prices steadied on Friday, its past three weeks range as investors hope for change in supply and demand due to slow-paced of vaccine rollout. Brent crude futures for March rose 4 cents, or 0.1%, to $55.57 a barrel while US West Texas Intermediate (WTI) crude futures slipped 7 cents to $52.27

Oil prices slip on lockdown concerns

Oil prices fell on Monday as countries renew COVID-19 restrictions increasing worries over global fuel demand. Brent crude futures declined by 8 cents, or 0.1%, to $55.38 a barrel while US West Texas Intermediate crude was at $52.26 a barrel, down 1 cent. "Signs of weaker demand weighed on the m

Libya oil output makes high-stake but fragile return

Libya: Oil cartel OPEC saw production rise in December, as Libya’s energy sector sprang back to life following a cease-fire deal in the war-torn country.Sitting atop Africa’s largest proven crude oil reserves, Libya has been ravaged by conflict since a 2011 NATO-backed uprising that to

Oil prices dip as COVID-19 cases soar in China

Oil prices slipped on Friday, slipping from its 11-month highs due to concerns of the new pandemic restrictions in China affecting demand. US West Texas Intermediate (WTI) crude futures dropped 53 cents, or 1%, to $52.60 a barrel while Brent crude futures fell 45 cents, or 0.8%, to $55.65 a barre

Iran: Oil product exports hit record high despite US sanctions

Iran has achieved record high exports of petroleum products despite US sanctions, Oil Minister Bijan Zanganeh said in televised remarks on Friday.Zanganeh said former US President Donald Trump and his secretary of state, Mike Pompeo, had “joined the dustbin of history, but we are alive and w

Oil declines as cities in China go into lockdown

Oil prices fell on Friday due to growing worries about Chinese cities in lockdown and US plans for the recently unveiled large stimulus package. Brent was down 46 cents, or 0.8%, at $55.96 after recording 0.6% gains on Thursday. US West Texas Intermediate crude was 29 cents, or 0.5%, lower at $53

Oil prices rise due to inventory draw

Oil prices advanced above 1% on Wednesday following the rise in US crude due to overnight drop in inventories. US West Texas Intermediate (WTI) was up 67 cents, or 1.3%, at $53.88 a barrel while Brent crude was up 79 cents, or 1.4%, at $57.37. This the highest both benchmarks have traded at sinc

Oil prices fall on renewed coronavirus concerns

Oil prices declined today in light of renewed concerns about a shortage of global demand for fuel, amid the re-imposition of strict lockdown measures as coronavirus cases rise across Europe and the Middle East. Brent crude futures fell by 1.4 per cent to reach $55.21 a barrel at 07:58 GMT, after

Oil prices set to gain momentum amid commodities 'supercycle'

Oil prices are poised to surge near-term amid an optimistic outlook both for the US and global economies, a weak dollar and the rollout of vaccines in various parts of the world, setting the stage for a commodities supercycle. Commodity prices, led by crude oil, have benefitted from consistent ra

Oil prices gain due to Saudi Arabia’s pledge

Oil prices record almost 11-month highs on Friday and it is likely heading for another weekly gain as Saudi Arabia plan on cutting output. Brent crude climbed 13 cents or 0.2%, to $54.51 a barrel while US West Texas Intermediate (WTI) gained 14 cents, or 0.3%, to $50.97. Hitoyuki Kikukawa, gener

Saudi's surprise output cut to lift Brent to $60/bbl by mid-year - UBS

UBS raised its forecast for Brent oil prices to $60 per barrel by mid-year, following Saudi Arabia’s surprise unilateral production cut and expectations of a sharp recovery in demand in the second quarter on vaccine rollouts and increased travel. With Saudi Arabia’s move, OPEC’s

Saudi offers extra cut as OPEC+ agrees oil output rollover

Saudi Arabia will make voluntary cuts to its oil output in February and March as part of a deal to persuade most OPEC+ producers to hold production steady amid concerns that new coronavirus lockdowns will hit demand. Two sources from OPEC+ producers said Saudi Arabia would cut output by more than

Iran begins enriching uranium at 20% at the Fordow reactor

The Iranian government announced that it has started enriching uranium to 20% in the Fordow nuclear reactor. The Iranian government spokesman, Ali Rabiei, indicated that "the Iranian President, Hassan Rouhani, issued orders to start enrichment with 20%," stressing that "the Atomic Energy Organiza

OPEC ready to adjust oil output increases -Barkindo

OPEC and its allies, led by Russia, stand ready to adjust their plans for a gradual increase in oil output by 2 million barrels per day in the next months depending on market conditions, OPEC Secretary General Mohammad Barkindo said on Sunday. Barkindo was speaking at a meeting of experts of OPEC

Oil price rises as US industry group reports inventory draw

Oil prices are poised to end 2020 on a positive note as Brent, the international benchmark, surged above $51 per barrel as a US industry group reported a larger-than-expected inventory withdrawal. Brent was up 0.57 per cent, trading at $51.38 per barrel at 1.31pm UAE time, while West Texas Interm

Iran to resume gas flows to Iraq after agreement on unpaid bills

Iran will resume normal gas flows to Iraq on Wednesday after reaching an agreement with Iraq on Tuesday over unpaid bills, a spokesman for Iraq's electricity ministry said. Iran's state gas company said on Monday it had slashed supplies to neighbouring Iraq over arrears of more than $6 billion. T

Oil increases on predictions of US stimulus leading to demand

Oil advanced on Tuesday due to hope for a rise in fuel demand as the United States is likely to expand the pandemic aid and final Brexit deal will steady trade between Europe and the UK. Brent crude climbed 23 cents, or 0.5%, to $51.09 a barrel, as of 04:10 GMT and US West Texas Intermediate (WTI

Saudi Arabia makes four new oil and gas discoveries

Saudi Arabia, the world's largest exporter of crude, discovered four new oil and gas fields, the kingdom's minister of energy Prince Abdulaziz bin Salman bin Abdulaziz said on Sunday. State oil firm Saudi Aramco discovered 4,452 barrels of unconventional Arab extra light sweet oil and 3.2 million