oil price

‘Oil demand outstrips supply for the first time in four years’

London - Muslimchronicle

The oil price hike to over $60 per barrel — $10 ahead since July — reflects underlying fundamentals such as robust global gross domestic product (GDP) growth and a better realignment of supply and demand, according to London-based analysts. These underlying trends, more than instability in Kurdish regions of Iraq, were the real drivers of the price rise, the analystsRead more

Middle East OPEC producers fret oil price rally may burn out

Singapore - Muslimchronicle

Middle East OPEC producers are concerned weak demand and excess supply in the first quarter of 2018 may undermine an oil price rally that has pushed Brent crude about 30 percent higher since June, OPEC and industry sources said. Supply cuts since January 1 by the Organization of the Petroleum Exporting Countries, Russia and other producers helped lift prices, whileRead more

Kuwait oil price up US$1.02 to $50.75 pb

Kuwait - WAM

The price of Kuwaiti oil went up by US$1.02 to $50.75 per barrel Wednesday after being at $49.73 pb the day before, the Kuwait Petroleum Corporation, KPC, said on Thursday morning. According to the Kuwait News Agency, at the global level, the prices went up due to the re-opening of several US refineries after Hurricane Harvey dissipated, which led to optimismRead more

Oil price to stay at $50-$55 a barrel

Kuwait City - Muslimchronicle

Kuwaiti Oil Minister Essam al-Marzouk has said he expects oil prices to stay between $50 and $55 a barrel and that the market will rebalance by the end of the year. Marzouk, who heads an oil producers' committee that monitors compliance to output cuts, told Kuwait's Al-Rai newspaper in an interview published Wednesday that "demand for oil will pick upRead more

Dubai announces crude oil price for May

Dubai - WAM

The Department of Oil Affairs in the Government of Dubai said it has notified its customers that the official price of Dubai crude oil for delivery next May will be US$0.30 less than the average daily settlement price of the Oman Crude Oil Financial Contract in Dubai Mercantile Exchange contracts traded over the next month. Abdullah Abdul Karim, Director-General, told WAMRead more

Oman oil price rises 30 cents

Muscat - Arab Today

Dubai Mercantile Exchange (DME) said that Oman oil price (April delivery) reached 55.66 US dollars. The DME statement on Thursday said that the price of Oman oil rose 30 cents from the price of Wednesday, which was 55.36 US dollars. The average price of Oman oil (March Delivery 2017) has stabilised at 53.93 US dollars, thus 1.21 US dollar perRead more

Kuwait oil price up $1.04 to $51.90 pb

Kuwait - WAM

The price of Kuwait oil went up Wednesday by US$1.04 to reach US$51.90 per barrel as oppose to US$50.86 pb the day before, said Kuwait Petroleum Corporation, KPC, on Thursday. According to the Kuwait News Agency, KUNA, at the global level, the price of oil continued to soar as the date for executing the agreement to lower production between OPECRead more

Oil prices decline as US crude stockpiles rise

New York - XINHUA

Oil prices extended losses on Wednesday as government data showed that U.S. crude stockpiles increased for a third straight week. U.S. crude inventories added 1.1 million barrels in the week ended Aug. 5, the U.S. Energy Information Administration (EIA) reported on Wednesday, in a third consecutive weekly build that surprised the market. In the previous session, the EIA increased itsRead more

US oil prices rise on weaker dollar

New York - XINHUA

U.S. oil prices increased on Friday as a weaker greenback made the dollar-denominated oil more attractive for holders of other currencies. The U.S. dollar slumped against other major peers on Friday after data showed the country's second quarter economic growth came in worse than expected. The dollar index, which measures the greenback against six major peers, was down 1.17 percentRead more

Oil industry suppliers see light at end of the tunnel

Oslo/Milan - Arab Today

European suppliers to the oil industry, hit by their customers’ spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. These companies, which encompass oil drillers, engineering groups, oil services providers and seismic surveyors, have had to slash jobs, costs and investments to cope with theRead more