Tag Archives: Oil

Iranian Foreign Ministry Spokesman Abbas Mousavi slammed the newly-imposed sanctions against Iran, highlighting that the country will never give in to US’ unilateral measures. “Iran will not surrender with such sanctions and pressures,” he said on Wednesday in an interview with IRIB, refereeing to recent sanctions imposed by the US …

Asian stocks extended their winning streak for the ninth consecutive session on Tuesday and oil prices rose as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery. European markets were set to follow that lead with pan-European Euro Stoxx 50 futures …

Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May. Brent crude LCOc1 was up 89 cents, or 2.1%, at $43.19 per barrel, by 0500 GMT, while U.S. …

Iraq has told OPEC it would start an urgent plan to cut its oil production gradually to fully comply with its quota, an OPEC delegate said on Saturday after the group demanded that Baghdad and other laggards adhere to a pact on output curbs. Iraq’s plan would include reaching a …

Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures settled up $2.31, or 5.8%, at $42.30 a barrel, surging 19.2% on the week. U.S. West …

Oil prices rose on Friday after OPEC decided to move up discussions on whether to extend record production cuts to Saturday, indicating that some laggard countries may have agreed to align themselves with the deal. Brent crude futures were up 95 cents, or 2.4%, at $40.94 a barrel as of …

Brent crude LCOc1 futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 1.80%, or 67 cents, to $36.62 a barrel. Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support …

When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output. Now that crude has rallied on the back of those cuts from below $20 a …

Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to restart after coronavirus lockdowns. Brent crude LCOc1 rose 2.7%, or $1.04, …

Global benchmark Brent rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions imposed on people’s movements due to the coronavirus crisis. Crude prices have slumped in 2020, with Brent hitting a 21-year low below $16 …

Oil prices climbed more than 2% on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins. Brent crude futures LCoc1 were up 63 cents, or 1.8%, at $35.28 …

Oil prices rose on Tuesday, after OPEC’s de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want to extend the deep cuts reached in April for a longer period than originally agreed. OPEC and its allies, a …

Oil prices fell on Monday as investors worried about the second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses. Brent crude futures lost 96 cents, or 3.1%, to $30.01 a barrel by 11:25 a.m. EDT (1525 GMT). West Texas …

President Donald Trump denied any involvement by the US government in what Venezuelan officials have called a failed armed incursion in the South American country that led to the capture of two American “mercenaries.” Trump made the comment to reporters at the White House after socialist Venezuelan President Nicolas Maduro …

Wall Street’s main stock indexes opened higher on Tuesday as oil prices staged a recovery and a slew of countries eased coronavirus-led restrictions in an attempt to revive economic activity. The Dow Jones Industrial Average .DJI rose 209.12 points, or 0.88%, at the open to 23,958.88. The S&P 500 .SPX …

Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease and amid a fresh spat between the United States and China over the origin of the virus. Brent crude LCOc1 was down 7 cents, or 0.3%, at $26.37 …

Iraq’s total oil exports for April averaged 3.438 million barrels per day (bpd) and oil revenue more than halved to $1.42 billion, a statement from the oil ministry said on Friday. The average price per barrel of oil in April was $13.8. Iraq’s revenue from oil, its main source of …

Oil rose further above $26 a barrel on Friday as OPEC and its allies embarked on record output cuts to tackle a supply glut due to the coronavirus crisis that has been weighing on the market. The global oil benchmark, Brent crude, has fallen almost 60% percent in 2020 and …

As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil …

Oil prices fell on Tuesday with U.S. crude leading the decline, falling about 3% as domestic stockpiles were expected to have risen closer to record highs amid tightening storage despite plans to cut production. However, the markets were supported on hopes of demand recovering as across the world, governments announced …