Saudi Arabia to continue voluntary oil output cut of one million barrels per day
SAUDI Arabia said it would continue with its voluntary oil output cut of one million barrels per day for the month of November and until the end of the year. The kingdom’s production for November and December will be approximately 9 million bpd, an energy ministry statement posted on the Saudi state news agency SPA said….
Adil Aziz
Oil inches higher on supply concerns
OIL prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world’s top crude importer. Brent crude futures rose 5 cents, or 0.1 per cent, to US$93.98 a barrel by 0027…
Oil rises to highest in 2023 on tight supply expectations
OIL prices climbed on Thursday to their highest this year, as expectations of tighter supply outweighed worries about weaker economic growth and rising US crude inventories. Brent crude rose US$1.82, or 1.98 per cent, to settle at US$93.70, after touching US$93.89, its highest since November 2022. US West Texas Intermediate crude (WTI) gained US$1.64, or 1.85…
Oil rises on Saudi plan to deepen output cuts from July
OIL prices rose after the world’s top exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July to counter macroeconomic headwinds that have depressed markets. Brent crude futures settled up 58 cents at US$76.71 a barrel, after touching a session high of US$78.73. US West Texas Intermediate…
Oil falls by more than 5% on global economy worry, China Covid cases
OIL fell by more than US$4 a barrel on Wednesday (Jan 4), with Brent suffering its biggest percentage loss in the first two trading days of the year since 1991, as demand concerns linked to the global economy and rising Covid-19 cases in China crushed crude prices. Brent futures settled at US$77.84 a barrel, falling…
Oil prices steady amid China demand worries, dollar retreat
Oil prices were little changed on Tuesday as global recession worries and concerns about China’s rising COVID-19 case numbers denting demand from the world’s top crude oil importer were offset by the positive impact of a retreat in the U.S. dollar. Brent crude futures rose 30 cents, or 0.3%, to $87.75 by 0731 GMT. U.S….