US West Texas

Oil hits highest since mid-2015 as OPEC sticks to supply deal

London - Muslimchronicle

Oil rose to its highest since mid-2015 on Wednesday as data showed OPEC has significantly improved compliance with its pledged supply cuts and Russia is also widely expected to keep to the deal. Brent crude futures were up 55 cents at $61.49 per barrel at 1210 GMT, having hit a session peak of $61.70 earlier, the highest since July 2015.Read more

Oil prices stable as OPEC-led supply cuts tighten mkt, but some caution remains

Singapore - Muslimchronicle

Oil prices were stable early on Tuesday, supported by a tightening market due to ongoing OPEC-led efforts to cut supplies, although the prospect of rising US shale output dragged. Brent crude futures, the international benchmark for oil prices, were at $60.78 per barrel at 0343 GMT. That was 12 cents below their last settlement, but still not far off theRead more

Oil dips before holiday week; Libyan output boost weighs

New York - Arab Today

Oil edged lower on Friday ahead of the Christmas and New Year holiday week as the market waited to see how OPEC would manage its planned output cuts with Libya expecting to boost production. Brent futures for February delivery were down 16 cents, or 0.3 percent, at $54.89 a barrel by 10:29 a.m. EST (1529 GMT). US West Texas IntermediateRead more

Oil gains 2% as OPEC makes last-ditch bid to save deal

New York - Arab Today

Oil prices gained more than 2 percent on Monday in volatile trading after falling as much as 2 percent, recouping losses as the market reacted to the shaky prospect of major producers being able to agree output cuts at a meeting on Wednesday. US West Texas Intermediate crude futures rose 99 cents to $47.05 a barrel, a 2.2 percent gainRead more

4 percent weekly loss as crude settles below $50

New York - Arab Today

Oil prices settled below $50 on Friday to mark their biggest weekly loss in six weeks, on concerns OPEC will not fully carry out a planned output cut, even as data showed US oil drillers removed rigs from production for the first time since June. Oil services company Baker Hughes Inc. said two rigs were cut this week, ending aRead more

Oil Prices Drop as Iraq Says Doesn't Want to Join OPEC Cut

Singapore - QNA

Oil prices fell on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market, and as US drillers stepped up work. Brent crude futures LCOc1 were trading at $51.59 per barrel at 0133 GMT, down 19 cents, or 0.4%, from their last close. US WestRead more

Oil hits 1-year high as Russia ready to join output caps

New York - Arab Today

Oil prices jumped as much as 3 percent on Monday, with Brent hitting one-year highs, after Russia said it was ready to join OPEC in curbing crude output and Algeria called for similar commitments from other non-OPEC producers. Sentiment was also boosted by a rally in Wall Street shares and news that work was underway for the launch of theRead more

Oil price breaks above $50 as investors warm to OPEC deal

New York - Arab Today

Oil prices were up nearly 1 percent on Monday, taking Brent above $50 a barrel and US crude to three-month highs after comments by Iran’s leader exhorting the need for other oil producers to join OPEC in supporting the market. Iran’s President Hassan Rouhani told his Venezuelan counterpart Nicolas Maduro in a telephone conversation that it was essential for oilRead more

Oil market holds gains

London - Arab Today

Oil prices reached their highest levels in more than five weeks on Tuesday as the market largely held gains that came from speculation producers would take action to prop up the market. Production losses in Nigeria, where more than 700,000 barrels per day (bpd) was missing due to militant attacks and pipeline problems, also helped to support prices. Brent crudeRead more

Crude rises for the first time in 7 days

London - Arab Today

Crude oil prices rose on Friday for the first time in seven days, but trading remains volatile less than a week before Britain goes to the polls over its EU membership. Brent crude futures were up $1.11 at $48.30 a barrel by 1142 GMT, having dropped 3.6 percent in the previous session. US West Texas Intermediate crude futures rose 81Read more