OPEC raised crude output to the highest in more than three years as it pressed on with a strategy to protect market share and pressure competing producers.
Oil prices bounced back today after hitting near-seven year lows, but mining stocks remained under pressure on the London market amid fears over the global economy.
OPEC has agreed to set a new oil-output ceiling of 31.5 million barrels a day, according to a delegate with knowledge of the decision.
Crude oil futures fell today, bringing losses this month to more than 8%, as disappointing Chinese data and worries over a supply glut overshadowed geopolitical concerns.
Oil pared its first weekly gain in a month as Libya sought to increase output and Russia ruled out military retaliation against Turkey for downing its jet near the Syrian border.
Oil buyers in Asia are sure of one thing as OPEC prepares to meet: They’ll emerge as winners from the group’s rift over production.
Oil has gained for a fourth day, the longest winning streak since April, on signs the pace of drilling is slowing in the US amid a global oversupply.
Saudi Arabia’s government has reiterated its commitment to work with OPEC members and other producers to stabilise the oil market.
To understand what the oil price crash will mean for global crude supplies next year, look no further than the two nations that added more barrels to world markets in 2015 than anyone else.
Oil's global glut will be prolonged as US stockpiles see their longest run of gains in seven months.
Saudi Arabia is working with other OPEC members and producers from outside the group to stabilise the market, Saudi Oil Minister Ali al-Naimi said.
Oil traders are preparing for another downward turn in prices by March 2016, market data suggests.
Oil halted its decline after falling the most in six weeks as signs of rising demand in China countered an increase in OPEC production.
US shale firms are snapping up $50 oil hedges, risking a rally reversal.
Oil extended gains near $50 a barrel amid speculation an increase in demand will ease a global glut.
Oil dropped for a second day after the US Federal Reserve left borrowing costs unchanged because of concern about recent global economic turmoil.
Even after China’s slowing economy dragged crude to a six-year low, oil’s second-biggest consumer remains the main safeguard against a further price meltdown.
Oil markets were weak on Friday as fresh signs that OPEC will continue to value market share over prices outweighed expectations of a lift when the United States kept interest rates at historic lows.
Oil edged further above $46 a barrel on Tuesday, supported by the prospect of lower US inventories and production although concern about weaker Asian demand kept prices in check.
China may launch a global crude oil futures contract as early as October to compete with the existing London Brent and the US WTI benchmarks as it pushes ahead with reforms to open up its oil markets.
Professor Paul de Leeuw, director of Robert Gordon University’s Oil and Gas Institute said the North Sea industry will endure a period of short term pain before it could emerge leaner, fitter and better able to compete as the oil price recovers in years to come.
Crude at $40 a barrel is unsustainable and prices will have to rise as supply drops out of the market, according to Norway’s oil minister.
Oil’s rebound from a six-year low has faltered on signs the global surplus will be prolonged as Iran bids to restore output after its nuclear accord.
Crude oil in New York climbed from a three-month low in New York as the dollar slipped for the first time in five days.
Greece’s debt talks and ongoing Chinese market unrest led the price of oil to slip by almost 6% yesterday, although Brent Crude steadied at $56.98 a barrel today.