Saudi Arabia and other key producers in OPEC signaled their intention to keep oil supplies constrained for the rest of the year, while pledging to prevent any genuine shortages.
Oil started the week strongly after Saudi Arabia and other OPEC+ members signaled intentions to keep supplies constrained for the rest of the year, while U.S. tensions with Iran ratcheted up as President Donald Trump threatened the country in a tweet.
The global oil price could shoot “violently upwards” following supply disruptions in the Middle East, including attacks on a pair of oil tankers.
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Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.
OPEC and its allies have much work ahead to balance global oil markets and are prepared to do what’s necessary in the second half, Saudi Energy Minister Khalid Al-Falih said.
Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and reduced output from the world’s biggest offshore field overshadowed renewed concern over the U.S.-China trade war.
Oil extended its retreat as investor appetite for risk assets shrank and uncertainty persisted over how much OPEC will need to cut output to counter booming U.S. shale supplies.
Oil continued on its rollercoaster ride, with volatility soaring on uncertainty over OPEC and American supply, a trade war between the U.S. and China and the Federal Reserve’s monetary policy.
Oil held its biggest gain in two years, after being swept up in a rebound across risk assets spurred by optimism about the global economy.
OPEC hasn’t even started implementing its new six-month agreement to cut output, and already members responsible for most of the reductions have pledged to extend or even deepen it.
Brent crude is unlikely to go above $70 a barrel through 2020, according to US credit rating agency and financial analyst Moody’s.
Opec countries are meeting to find a way to support the falling price of oil, with analysts predicting the cartel will agree to cut production by at least one million barrels per day.
Just a couple of months ago, major oil trading houses were predicting the return of $100 crude. Now, with oil prices at half that level, here’s a look at what the slump means for the world economy.
There has been a “dramatic” oil price slide, given "a lack of catalysts”, according to a leading analyst.
Oil shot back up following six weeks of losses as speculation of OPEC weighing bigger output cuts overshadowed signs of expanding American crude production.
OPEC has lost what control of the oil market it ever had. The actions (or tweets) of three men — Presidents Donald Trump and Vladimir Putin and Crown Prince Mohammed Bin Salman — will determine the course of oil prices in 2019 and beyond. But of course they each want different things.
Saudi Arabia is scaring hedge funds.
Business rates increases for offices in Aberdeen and the north-east will continue to be capped at a maximum of 12.5% until 2022, the Scottish Government has announced.
Aberdeen property experts have encouraged any would-be buyers to “strike now” in claiming the city’s housing market is the most lucrative it has been for 25 years.
A senior lecturer at Aberdeen University has argued $100 oil “cannot be ruled out” as Brent’s price surge continues.
Oil traded near $70 a barrel as investors assessed the threat to U.S. production from a storm that is forecast to strike the Gulf Coast as well as rising OPEC crude output.
A stable oil price could help lure back airline carriers to Aberdeen airport, its outgoing managing director said today.
Oil retreated below $71 a barrel as Saudi Arabia was said to offer extra crude supplies to some customers following a plan to boost output, while the U.S. considers tapping into its emergency stockpiles to rein in prices.
Investment bank JP Morgan has raised its oil price outlook, but lowered forecasts for crude demand due to rising uncertainty on international trade,