US West Texas Intermediate

Oil recoups losses; US oil output growth weighs

London - Arab Today

Crude oil recouped earlier losses on Monday in subdued trading, but signs that the US is continuing to add output largely counteracted strong economic growth in China and efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production. Benchmark Brent crude futures were down 14 cents at $55.75 at 1350 GMT, after trading as much asRead more

Oil prices under pressure as Libyan production recovery weighs

London - Arab Today

Oil prices were under pressure on Monday as a rebound in Libyan oil output at the weekend weighed against upbeat economic data from Asia that pointed to strong energy demand from the region. Benchmark Brent futures eased by 8 cents to $53.45 a barrel by 1356 GMT. US West Texas Intermediate crude futures were down 10 cents at $50.50 aRead more

Oil touches 3-month lows

London - Arab Today

Oil hovered around three-month lows on Monday, as rising US inventories and drilling activity offset optimism over the Organization of the Petroleum Exporting Countries’ (OPEC) efforts to restrict crude output. Brent crude was down 7 cents at $51.30 a barrel by 1202 GMT, having hit a session trough of $50.85, its lowest level since Nov. 30. US West Texas IntermediateRead more

Oil rises, but growing US output threatens rally

London - Arab Today

Oil edged up on Monday, as investor optimism over the effectiveness of producer cuts encouraged record bets on a sustained price rise, although growing US output and stubbornly high stockpiles kept price gains in check. Brent futures were up 28 cents at $56.09 a barrel at 1448 GMT, while US West Texas Intermediate crude was up 23 cents at $53.63.Read more

Oil rises on weak dollar, Saudi commitment to cut output

London - Arab Today

Oil prices rose on Tuesday, supported by a falling US dollar and Saudi Arabia saying it would adhere to the Organization of the Petroleum Exporting Countries’ (OPEC) commitment to cut output. Gains were capped by rising US production and skepticism that OPEC as a whole would comply with its commitments to reduce supplies. Brent crude futures, the international benchmark forRead more

Oil prices edge up in anticipation of tighter 2017 market

Singapore/Dubai - Arab Today

Oil prices rose on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output to prop up prices. Brent crude futures, the international benchmark for oil prices, were trading at $55.57 per barrel at 0401 GMT, up 36 cents, or 0.7 percent, from their last close. US West TexasRead more

Oil rises on signs of producers’ compliance with output cuts

London - Arab Today

Oil rose on Friday, edging closer to new 17-month highs as producers showed signs of adhering to a global deal to reduce output. Brent crude futures were trading at $54.55 per barrel at 1225 GMT, up 53 cents on the previous day’s close. US West Texas Intermediate (WTI) crude was up 33 cents at $51.23 per barrel. “The market hasRead more

Oil Price Hits 1-Year High at $53.73

New York - QNA

Oil prices jumped as much as 3%, with Brent hitting a one-year high, after Russia said it was ready to join OPEC in curbing crude output and Algeria called for similar commitments from other non-OPEC producers. Brent crude LCOc1 hit its highest level since October 9, 2015, reaching $53.73 a barrel, before paring gains to settle $1.21, or 2.3%Read more

Oil soars 6% as OPEC reaches deal to limit output in November

New York - Arab Today

Oil prices jumped as much as 6 percent on Wednesday after OPEC sources said the group has reached a deal to limit crude output at its policy meeting in November, a source for the producer group said. Brent crude was up $2.76, or 6 percent, at $48.73 a barrel by 1820 GMT, after reaching a more than two-week high ofRead more

IEA: Saudi Arabia ousts US as biggest oil producer

New York - Arab Today

Oil prices fell as much as 3 percent on Tuesday after both the world's consumers and producers revised forecasts that signaled the global crude glut persisting for much longer than previously expected. The International Energy Agency (IEA), which advises oil-consuming countries on their energy policies, said a sharp slowdown in oil demand growth, coupled with ballooning inventories and rising supply,Read more